17M people's Netflix prices are increasing and they don't even realize it

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The Netflix Price Hike Is Here

Netflix originally raised its prices about a year and a half ago to $9.99/month from $7.99/month. Existing customers weren't affected since the company allowed those already paying $7.99/month to continue paying at that rate, to keep in good standing with their loyal customers.

But as it goes with all good things, this one is about to come to an end--Netflix is pumping the breaks on the gravy train for its oldest and most loyal customers.

Beginning May 2016, all existing customers will be billed $9.99/month, regardless of when they joined the subscription service.

The customers that the price jump will directly affect account for about 37 percent of all Netflix subscribers, or roughly 17 million people.

That would make quite a lot of angry customers if the change occurred unexpectedly. Unfortunately, for about 13.6 million of those users, it will.

Most customers didn't exactly read the fine print that let them know their subscription price wouldn't change...for two years.

SEE ALSO: She created Netflix's culture and it ultimately got her fired

According to research from JP Morgan, nearly 80 percent of users who will be affected by the change were completely unaware it was even coming next month at all. Fifteen percent also claimed they'll cancel their subscription in reaction.

The new universal price jump for Netflix subscribers will now make it a more expensive streaming service annually than an equivalent subscription to Amazon Prime.

Though Netflix customers definitely have to weigh out their options as of May, we're sure that their most loyal binge-watchers won't mind paying up a couple extra dollars each month to continue doing what they love doing every Sunday.

Here's a look through the history of Netflix:

5 PHOTOS
History of Netflix
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17M people's Netflix prices are increasing and they don't even realize it
400303 03: Ready-to-be-shipped DVDs roll down an assembly line January 29, 2002 in San Jose, CA. The online DVD rental site Netflix.com has 500,000 subscribers who can rent, receive and return unlimited discs per month by mail. (Photo By Justin Sullivan/Getty Images)
400303 01: Netflix.com Chief Executive Officer Reed Hastings holds a ready-to-be-shipped DVD January 29, 2002 in San Jose, CA. The online DVD rental site has 500,000 subscribers who can rent, receive and return unlimited discs per month by mail. (Photo By Justin Sullivan/Getty Images)
400303 05: Packages of DVDs await shipment at the Netflix.com headquarters January 29, 2002 in San Jose, CA. The online DVD rental site has 500,000 subscribers who can rent, receive and return unlimited discs per month by mail. (Photo By Justin Sullivan/Getty Images)
Netflix CEO Reed Hastings gives a keynote address, January 6, 2016 at the CES 2016 Consumer Electronics Show in Las Vegas, Nevada. AFP PHOTO / ROBYN BECK / AFP / ROBYN BECK (Photo credit should read ROBYN BECK/AFP/Getty Images)
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