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Report: Netflix likely raising its monthly fee for existing members

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While heading to the movies is enjoyable for many people, others would rather stay home and watch their favorite movies on streaming services, like Netflix.

However, Netflix users may soon be paying more for the service.

New members are asked to pay $9.99 after a recent price hike. However, existing members have been able to keep their service and pay just $7.99 a month.

In a letter to investors, Netflix says that is about to change.

“In Q2 and Q3, we’ll be releasing a substantial number of our US members from price grandfathering on the HD plan and they will have the option of continuing at $7.99 but now on the SD plan, or continuing on HD at $9.99 a month,” the letter read.

The company did not specify a date of when the change will take affect, but KTLA reporter Rich Demuro decided to take a look for himself.

Demuro says he logged in to his Netflix account and went to his billing details page, which said his $7.99 monthly membership is only guaranteed until May 9, 2016.