Sony has confirmed it will raise the price of its premium subscription service for the first time since its inception

Sony has announced that its subscription service for PlayStation owners will increase in price starting September 22.

The new price of a yearly subscription will be $59.99 (previously $49.99) and the new price of the three month subscription will be $24.99 (previously $17.99). The monthly subscription will remain $9.99.

In a statement on the PlayStation Blog, PlayStation Plus Content Partnership Manager Greg Lewickyj said: 

“This marks the first time that PS Plus membership prices will increase in the U.S. and Canada since the launch of the service in 2010. The new pricing reflects the current market conditions while enabling us to continue providing exceptional value to our members.

As a member, you will continue to enjoy the benefits and features that enable shared experiences, such as online multiplayer, free games, and exclusive discounts. You will also continue to get exclusive benefits such as online game save storage and discounts across the PlayStation digital services.

If you do not wish to continue your subscription, please be sure to cancel it by turning off auto-renewal in your account settings before September 22, 2016.”

Keep in mind that PlayStation Plus is required to play most games online on the PlayStation 4. The service also provides subscribers with free monthly games, cloud storage for saves and deeper discounts on sale items in the PlayStation Store.