Netflix is Raising Prices On Both Its Standard and Premium Plans!
Times are tough but it seems like Netflix needs its money regardless. U.S subscribers will now experience an increase to both Netflix standard and premium plans. The global streaming service made the announcement today, stating that the standard plan will be bumped up to $14 per month ($1 difference) while the premium plan will now be $18 per month ($2 difference). The basic plan will remain at $9.
Current subscribers will see the change reflected in their billy cycle within the coming weeks while new subscribers will see the new pricing immediately. This comes less than a year after the last increase this past January.
According to the publication The Verge, The price hikes also arrive at a time when people have more options for entertainment than ever before — especially in the United States. A few years ago, Netflix’s biggest competition in the streaming space was Hulu, and the company vied for people’s attention being split playing video games, watching YouTube, and sleeping. Now, the US alone has HBO Max, Disney Plus, Peacock, TikTok, YouTube, Twitch, and Fortnite. Oh, and sleep is still a factor. Netflix is aware of this. Prices are being updated so that we can continue to offer more variety of TV shows and films.”
Netflix is definitely looking to rake in more money to pump into their original content including movies and series. The goal is for Netflix to crank out hit after hit so that consumers stay on the channel. It will remain to be seen if subscribers will buy into this vision or cancel all together. Sooner or later if these streaming channels keep bumping their prices, cable may make sense again.