Netflix officially increased its prices this morning, announcing that new members will now have to pay $8.99 per month for the service. The company also introduced a new SD streaming plan that will give users access to the entire catalog, but only in standard definition and only on one screen at a time, for $7.99 per month.

Existing users will continue to pay $7.99 for the next two years, after which the company will increase their monthly fees as well.

Netflix’s family plan, which offers HD access for up to four screens at a time, has not been changed and will continue to cost $11.99 per month.

Netflix executives have been talking about introducing a new pricing structure for some time, so this price increase comes as no surprise.