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Netflix Hikes Subscription Rates

Netflix(CNN) — New Netflix subscribers will have to pay a dollar more.

The company sent an e-mail to subscribers saying it’s raising prices to $8.99 a month. That only applies to new subscribers, for now.

Netflix says current members will be locked into their $7.99 a month rate for two years.

Netflix warned a price hike was coming so it could “continue adding more movies and TV shows.”

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