Video streaming company Netflix is increasing it prices from today, with the hike applying to new members signing up to the service immediately.

However, existing customers in Ireland may face a price hike in two years time, with the company only guaranteeing to keep the prices static until 2016.

The company said the move was to allow it to keep adding content to the service.

Under the new pricing regime, the service will cost €7.99 per month for standard definition quality video that can be played on one device at a time. To get high definition quality content, customers will have to pay an additional €1 per month, but will also have the option of watching content on a second device.

A third tier plan allows users to watch on up to four screens at once, for €11.99 per month.

It’s the second price hike for Netflix customers in Ireland, with the service rising in price by €1 in January for new members.