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Netflix has evolved as a service that has been more or less complementary to traditional pay-TV business, flourishing in monetizing older content and offering it at minimal prices to customers. While there was skepticism around the model, it has proven immensely successful (at least until now) and has led to rapid subscriber gains. However, Netflix is now stepping on pay-TVs toes and a larger battle appears to be brewing as Netflix has successfully acquired its first original TV series, House of Cards, by outbidding HBO.

Netflix Inc. is raising the prices of some of its subscription plans and is shifting its focus to streaming video as more members move to the Internet to watch movies and...