Netflix raising prices

John Hageman

Netflix is raising its rates by 60 percent, the company announced Tuesday according to the Minneapolis-St. Paul Business Journal.

Subscribers that want unlimited movies in the mail and streaming on the web will pay $16 per month starting Sept. 1. New customers will pay those prices immediately.

Customers that still want to get movies by mail will pay $8 a month for one movie at a time, or $12 for two movies at a time.

The new payment structure creates two different plans: one for DVDs only and one for unlimited streaming online. The new plans could benefit DVD-only subscribers who paid $10 a month for one DVD and unlimited streaming that they didn’t use, according to the Wall Street Journal.