Eric Charbonneau/AP

Eric Charbonneau/AP

Bad news for new Netflix subscribers, you’ll be paying more per month for your service.

Netflix said Monday it has added 2.25 million new customers and plans to raise its new-subscriptions rate by $1 or $2 a month.

The video streaming service reported first quarter earnings of $53 million, or 86 cents a share. Its share price surged by 6 percent following the announcement of earnings that compared with $2.7 million in the same period a year ago.

Chief Executive Reed Hastings said Netflix had improved its selection of television shows and movies and, with higher revenue from the raising the price of new subscriptions, “we will be able to license much more content and deliver it in very high quality video,” he said on a webcast, according to Reuters.

In a quarterly letter to shareholders, Netflix said it plans to impose “a one or two dollar increase, depending on the country, later this quarter for new members only.”

The success of orginal shows like House Of Cards and Orange Is The New Black are said to be the reasons behind the increase.

Source: NPR