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Edition: U.S. Article Comments (0) Technology Netflix hits fans with price hike Amazon to offer cheaper Kindle, sponsored by AT&T Samsung, HTC to show big Q2 cellphone gains EA buying PopCap Games for up to $1.3 billion Facebook allows police searches Google costs in focus after busy quarter SAP seeks to cut $1.3 billion Oracle verdict RIM deflects criticism at annual meeting More technology news Follow Reuters Facebook Twitter RSS YouTube Read Obama walks out of tense US debt meeting - aide 13 Jul 2011 Mila Kunis Breaks Date With Marine? 13 Jul 2011 Calif. woman charged with torture in severed penis case 13 Jul 2011 Dollar in full retreat, NZD storms 30-year peak | 13 Jul 2011 Dollar drops as Moody's warning spurs shift to safe havens 12:45am EDT Discussed 119 Obama, lawmakers meet for 75 minutes on debt impasse 98 WRAPUP 1-Taxes still a stumbling block in U.S. debt talks 97 Obama and lawmakers regroup to seek debt deal Watched Circus magic transforms sand Wed, Jul 13 2011 A Tokyo-Paris flight in under three hours on the horizon Fri, Jun 24 2011 Hefner's revenge; Ryan Reynolds stops traffic Fri, Jun 17 2011 Netflix price rise draws user ire, investor glee Tweet Share this Email Print A DVD rental from Netflix is seen against the company's website in Medford, Massachusetts in this July 25, 2008 file photo. Credit: Reuters/Brian Snyder/Files Related News Netflix raises DVD, streaming plan price by 60 percent Tue, Jul 12 2011 Media moguls focus on digital dollars at Sun Valley Wed, Jul 6 2011 Netflix expands online service to Latin America Tue, Jul 5 2011 Wall Street ends quiet day flat, Netflix boosts Nasdaq Tue, Jul 5 2011 Hulu starts sales talks Fri, Jul 1 2011 Analysis & Opinion Tech wrap: Amazon plans Android tablet The new dynamics of Netflix Related Topics Technology » Hot Stocks » Asian Markets » Media » By Lisa Richwine LOS ANGELES | Wed Jul 13, 2011 11:50pm EDT LOS ANGELES (Reuters) - Netflix Inc's hefty price increase provoked an unprecedented outpouring of outrage on the Internet, but Wall Street cautiously welcomed the move, sending its shares up nearly 3 percent on Wednesday. Thousands of subscribers complained on Netflix's official blog with many threatening to cancel subscriptions after the fast-growing video service raised prices by up to 60 percent for users of both its streaming and DVD-mail service. Many said they would consider options such as Hulu, the Internet video service owned by Comcast Corp NBC Universal, News Corp, Walt Disney Co and Providence Equity Partners, or even Redbox, whose once booming kiosk-rental service had been eclipsed by online, instant Web offerings. "Who's genius idea is this crap?" said one comment on the Netflix blog, which promised to cancel service. "Your streaming selection sucks and the Red Box is looking better and better these days!" The higher prices clearly stirred passions among the company's subscribers, but Netflix brushed off the criticism as expected from a vocal minority. "We knew there would be some people who would be upset," company spokesman Steve Swasey said. The increase amounts to $6 a month for one DVD at a time plus unlimited streaming. "To most people, it's a latte or two," he added. The company expects some cancellations, Swasey said, but he declined to say how many. Some industry analysts argued the higher prices should make up for cancellations, in part by driving customers toward more profitable Netflix plans. Subscribers who cancel are likely to be in lower-priced plans, with one DVD at a time, who turn in more DVDs, said Goldman Sachs analyst Ingrid Chung. "Gross margins should benefit as we believe that the majority of lower-priced (subscribers) were less profitable for Netflix," Chung said in a research note. Lower-priced subscribers also might be drawn to the streaming service, "which has very incremental margin," wrote Chung, who has a "buy" rating on Netflix shares. The new prices take effect immediately for new subscribers and in September for current customers. Netflix's price rise comes as it finds itself writing increasingly large checks for the rights to the movies and TV shows its customers expect to find from its streaming service. In one such deal, Netflix renewed on Wednesday a multi-year agreement with Comcast Corp's NBC Universal, giving it rights to stream previous season hits such as "The Office" and Parenthood" from NBC and series, including "Keeping Up with the Kardashians" and "Psych", from its cable networks. The financial details were not disclosed. Netflix said on Tuesday it was raising by 60 percent the monthly price of a plan that lets subscribers watch unlimited movies and video online and get DVDs by mail. The price for unlimited streaming plus rental of one DVD at a time will run about $16, up from about $10. Subscribing to just streaming, or just one DVD at a time, costs about $8. One comment on the Netflix blog was more accepting. "If you can improve your streaming selections it would be a benefit. I now pay the price of both anyway so I don't see a downside for me," wrote a person identified as "Scott." While customers vented on the Netflix blog and Facebook page, the company's shares rose 2.6 percent to close at $298.73 on Nasdaq. (Reporting by Lisa Richwine and Paul Thomasch; editing by Andre Grenon) Technology Hot Stocks Asian Markets Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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