Netflix to raise prices 'one or two' dollars in some markets by July

Netflix has announced a new pricing structure that'll go into effect later this financial quarter.

While reporting first-quarter earnings, Reed Hastings, CEO of Netflix, revealed Netflix plans to raise subscription prices for new members, after seeing limited impact from a price increase in Ireland: "Our current view is to do a one or two dollar increase - depending on the country - later this quarter for new members only," announced Hastings.

The Wall Street Journal specifically claimed that Netflix's new pricing for new members will launch in the US by July. We've contacted Netflix for a confirmation and will update when more information becomes available. Meanwhile, Hastings has clarified that existing Netflix customers will not see a price increase "for a generous time period".

Apart from the new pricing, Netflix reported a profit of $53 million or 86 cents a share, beating analysts' expectations of 83 cents a share. Profit was also up $3 million, or five cents a share, from the year-ago quarter. As for Netflix's revenue during the first quarter, it spiked 24 per cent to $1.27 billion and matched analysts' expectations.

READ: Netflix 4K Ultra HD video streams now available

Today's price change announcement comes three years after Netflix notoriously tried to introduce two separate plans over a single plan for streaming video and renting DVDs by mail. The company backtracked for a bit however, after suffering wide-sweeping criticism, which negatively affected its stock price considerably.

Netflix now offers unlimited streaming in the US for $7.99 a month. It also offers a DVD rental plan for $7.99 a month.