Netflix chief executive Reed Hastings talks with media at the Google/Netflix White House Correspondent's Association weekend party at United States Institute of Peace in Washington. (Tony Powell/ Netflix)

Get ready: The price hikes are here.

On Friday, Netflix announced that it's raising prices on new subscribers by $1 a month.

"We previously announced that we planned to increase our price slightly for new members. That increase is happening today," Netflix spokesman Joris Evers confirmed in an e-mail.

The price hike won't affect existing subscribers, for now. They will get a two-year reprieve. "Existing Netflix members get to keep their current (US$7.99) price for two years, enjoying HD-quality movies and TV shows on any two screens at the same time," Evers added.

According to a report by the Guardian, customers can also avoid paying extra by subscribing only to Netflix's standard-definition stream.

Netflix appears to be making good on its promise earlier this year to raise prices across the globe as its content costs increase. In January, Netflix increased fees in Ireland as a test — and the sky didn't come falling down. A related concern has been whether part of the increase has to do with Netflix's controversial interconnection deal with Comcast. For its part, Comcast has pointed to reports suggesting that Netflix is actually saving money by sending its video traffic directly to Comcast's door. We still don't know the actual terms of that deal.