A $2 monthly price hike for many longtime Netflix subscribers could cause up to 480,000 customers to cancel the service, according to a Wall Street analyst.

Long-standing Netflix customers began seeing $2 price hikes — from $7.99 to $9.99 starting last month. The “two-concurrent stream” HD plan is Netflix’s most popular, and those subscribed the longest will be the last to be affected by the price increase. Customers who enrolled at the $8.99 price implemented in May, 2014 will also pay $9.99 a month starting this October.

“Impacted members will be clearly notified by email and within the service so that they have time to decide which plan/price point works best for them,” Netflix said in a statement.

Netflix’s new subscriber growth had already cooled as content acquisition costs reached new highs, making it harder for Netflix to license new content to keep customers happy with new releases. Nomura Securities analyst Anthony DiClemente believes up to 480,000 current Netflix customers might cancel service after the rate hike takes effect, especially as competing streaming video services like Hulu and Amazon continue to grab market share.

Despite the potential for customer losses, Netflix still stands to gain up to $520 million in new revenue from the rate increases alone. Netflix says it intends to spend the money on content licensing and producing more shows for Netflix customers. A Netflix executive projected the company would spend more than $6 billion in 2017 on content licensing, up from $5 billion this year.