Netflix has finally announced the details of its expected price hike. Cost is rising by $1, £1, and €1 in the US, UK, and Europe respectively. The changes were announced in an email sent to customers in these regions.

The good news is that if you're already a Netflix subscriber, you won't have to shell out that extra bit for the next two years. However, it should be noted that the price exempt is only guaranteed as long as you remain a member on your current plan. Should you decide to take a break, you'll have to resubscribe at the new price structure.

The increase means that new users will now have to pay $8.99 per month in the US, £6.99 per month in the UK, and €8.99 in mainland Europe.

The company is offering a $7.99 plan that restricts your streaming resolution to SD, and lets you stream to only one screen at a time.

The hike in subscription fees shouldn't be a surprise as the company had already announced plans to increase its prices in a letter to investors issued last month.

The move will give Netflix the opportunity to add more films and TV programs, with Nurse Jackie, Only God Forgives, and the second season of Orange is the New Black coming to the service soon.