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Netflix has announced it will raise its subscription price later in the year. This comes just days after a survey found the streaming service has reached a record number of subscribers here in the UK.

The service sent a letter to shareholders announcing the price will increase by $1 to $2 a month later this year – that's between 60p and £1.20.

"Our current view is to do a one or two dollar increase, depending on the country, later this quarter," the email reads. The price hike is only for new members. Existing customers will pay the same as now for "a generous time period", though it didn't specify how long that period will be.

"These changes will enable us to acquire more content and deliver an even better streaming experience," the letter goes on.

Netflix has almost 50 million members around the world, and gained more than 3 million in the last three months. Here in the UK, business is booming.

14% of the British public have Netflix, according to a survey by Decipher Media. That's an increase of 4% on last November.

This is thought to be partly down to Virgin Media offering access to the service through its TiVo on-demand platform.

Dr Hamish McPharlin, director of research at Decipher Media, said that the competition in the video streaming market has reached "fever pitch".

"In the end, it is the vendors that can provide the best content and the most elegant integration with existing devices and services that will prevail," he said in a statement.

The research said Amazon Prime Instant Video – formerly LoveFilm – saw a fall in subscribers during the same period.

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