Update: It’s been confirmed that the price of a US subscription has risen by $1. The new price is $8.99, although existing subscribers will get the old $7.99 rate for another two years.

We already knew that Netflix is planning to increase the cost of membership for its streaming service, and now the first wave of (small) hikes have been announced to customers in Europe, with a nice catch. The company will let existing customers enjoy their current price for at least the next two years.

In the UK, Netflix is increasing the cost of its membership for new users from £5.99 per month to £6.99. In mainland Europe, the figure is rising from €7.99 to €8.99, while equally small changes are reported in Scandinavian countries (which do not use the Euro) — the price in Norway, for example, is increasing from 79kr to 89kr (approximately $14.65 to $16.50).

These changes were introduced this morning in Europe, but the pricing plan is currently unchanged in the US. We’ve contacted Netflix to ask for details of what it is planning elsewhere in the world, and we’ll let you know if it shares details. [Update: Netflix is not revealing exactly how much US prices will rise just yet, we've included its statement at the bottom of this post.]

The company announced plans to increase its prices back in a letter to investors issued last month. It discussed raising current $7.99 membership fee in the US by one or two dollars, but allow existing members to keep their deals “a generous time period,” which we now presume will be two years.

Europe-based Netflix addicts seem pretty happy with the changes, which bodes well for those waiting on news about the US:

Update: A Netflix spokesperson declined to reveal how much US prices will increase, but provided the follow statement to TNW:

As we had announced, we are doing a slight price increase for new members of between $1-$2 a month, depending on the country. Existing members will keep current pricing for a generous period, generally two years. The new pricing will allow us to add even more great things to watch and to further improve the Netflix streaming experience.

The price change is happening today and we are informing members everywhere via email.

Headline image via Jenny Cestnik / Flickr