Netflix jacks up rates 60 percent starting Sept 1

August 31, 2011 10:23:21 PM PDT
Beginning Sept. 1, 2011, the nation's largest video subscription company will be raising prices. Netflix is jacking up rates as much as 60 percent to its nearly 25 million customers.

Up to now the company offered DVD rentals plus unlimited Internet video streaming for as little as $10 per month. Starting Wednesday that price goes up to $16.

Netflix is predicting 10 million customers will avoid the higher fee by dumping DVD-by-mail service and using only the Internet streaming. That service is just $8 per month.