Microsoft has announced that they will be increasing the price for an Xbox Live Gold Membership, which will go into effect on November 1st, 2010.

The new pricing model was seen coming for some time now. The yearly price jumps $10 from $50/year to $60/year. The quarterly price will increase by $5 per quarter. It will go from $20/quarter to $25/quarter. The monthly pricing will jump from $8 to $10.

Microsoft is giving current membership holders a chance to renew for one more year at only $40.00 which is $10 off the current price and $20 off the future price.

Most Xbox Live Gold members are not so much upset that they must now pay an extra $10/year, but rather upset that they don’t have any control over the pricing. For example, Playstation 3 members get to play online free of charge, as do Wii Online members. Whether or not this new price increase will effect new sign ups, will be interesting to see. Sony and Nintendo certainly aren’t concerned about this new pricing jump.