Here's what you need to know:

How much more will I pay?

Get ready to cough up $2 more each month. The monthly rate for the two-stream, high-definition plan goes up from $7.99 to $9.99 in May. Users can still pay $7.99 a month for a single-stream, standard-definition plan.

It works out to about $24 more a year to keep your existing service.

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Why wasn't I told about this?

Netflix said it was raising the rate of its most popular plan in May 2014. At the time, the streaming service said current subscribers would be locked into the lower rate for two years.

The rate raised to $8.99 in May 2014. Then to $9.99 last October.

I won't stand for it

Some subscribers are expected to drop the service because of the rate increase.  

"Given these members have been with us at least two years, we expect only slightly elevated churn," according to a Netflix letter to shareholders from January.

Analysts at UBS expect that number to be around 3 to 4 percent of those 17 million grandfathered subscribers, according to Business Insider.

However, the streaming service is now available in nearly every country except China. There are some 75 million subscribers already and Netflix expects to add 6 million more through the first part of this year.