Everybody panic: Netflix raises price of its most popular plan by $1

Netflix is raising the price of its most popular package from $8.99 per month to $9.99 per month starting today. The updated price applies to new users in the U.S., Canada, and Latin America.

Existing Standard subscribers don’t need to panic just yet. Netflix will let them continue paying the lower price fee until October next year. Here’s the statement from the company:

To continue adding more TV shows and movies including many Netflix original titles, we are modestly raising the price for some new members in the U.S., Canada and Latin America. As a thank you to existing Netflix members — who aren’t already benefiting from a previous price guarantee — we will maintain their current price for a year.

The last time Netflix raised prices, the company took a beating from users, who were outraged not only by the fee increase, but also with the division of DVD rentals and streaming services.

This time around shouldn’t elicit quite the same response. Those truly concerned about the price change can always revert to the Basic plan, which is still $7.99 a month.