Update (5/9 9:30am): The Associated Press has more information regarding changes to Netflix pricing:

Netflix is raising its Internet video prices by $1 per month for new customers and giving its current U.S. subscribers a two-year break from the higher rates.

Netflix is expected to increase monthly rates ($1-$2 per month) for new members at some point before the end of June. The good news is that existing members will be grandfathered into the current rate of $7.99 per month for “a generous time period.” Netflix says its first rate increase in 3-years is necessary to help fund original programming like “House Of Cards” and “Orange Is The New Black.”

If Netflix goes with the high-end of their initial estimate, that would mean new members would be paying $24 more a year, which is equal to the value of 3-months for members paying the old rate. Non-members looking to get into the streaming content scene should signup as soon as possible to sidestep the rate increase and subsequently save up to 20% per year. It’s unclear at the current time whether free trial members will be grandfathered into the lower rate.