Netflix announced today that it will raise prices for new subscribers.

The price increase will go into effect later this quarter. It'll cost between $1 and $2 more per month, depending on the country you live in. Netflix subscriptions currently cost $7.99 per month for unlimited streaming.

Current subscribers will be able to continue paying $7.99 per month for a "generous time period," Netflix says. They won't get slapped with the price increase right away.

The news came as part of Netflix's Q1 2014 earnings report. In the report, Netflix said it successfully tested a similar price increase in Ireland.

The company justified the price increase by saying it has greatly expanded its streaming video library. It'll use the new revenue to acquire even more content.

Here's the statement from Netflix's release:

As expected, we saw limited impact from our January price increase for new members in Ireland (from

€6.99 to €7.99), which included grandfathering all existing members at €6.99 for two years. In the U.S. we have greatly improved our content selection since we introduced our streaming plan in 2010 at $7.99 per month. Our current view is to do a one or two dollar increase, depending on the country, later this quarter for new members only. Existing members would stay at current pricing (e.g. $7.99 in the U.S.) for a generous time period. These changes will enable us to acquire more content and deliver an even better streaming experience.