Is Netflix getting ready to announce another price hike for subscribers? It sure sounds like it, based on a new report. One of the initial positive aspects of streaming entertainment content was the ability to cut the cost of a cable bill. However, in recent years, the advent of so many streaming platforms has led to a sharp increase in the cost of each. Netflix was one of the first streamers to achieve significant success, but the sheer amount of original series and movies has forced numerous price increases for streaming subscriptions year after year.
According to IndieWire, after touting a successful price increase in 2023, Netflix is considering raising the cost of a subscription once again. The anticipated move would be the latest in a series of price increases across all platforms, seemingly on a cyclical basis. An announcement regarding the cost jump is expected to coincide with the third-quarter earnings report later today. A price hike was expected this year, following recent industry trends.
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Netflix Price Hike Expected Later This Year
According to a new report, Netflix is planning to further increase subscription prices in 2024.
Netflix’s decision shouldn’t come as too much of a surprise given the juggernaut ratings of the streamer’s latest offerings. For example, Monsters: The Lyle & Erik Menendez Storyremains in the top 10 most-watched shows on Netflix. In addition to the scripted version of the true-crime tale, the documentary The Menendez Brothers, which features interviews with the brothers, hit “22.7 million views in its first six days of availability,” per Variety.
The Rising Cost of Streaming Subscriptions
Netflix’s impending decision to raise prices again is yet another blow to consumers who resorted to streaming as a way to “cut the cord” with expensive cable subscriptions. With so many streamers on the market besides Netflix, such as Disney+, Hulu, Paramount+, Peacock, AppleTV+, and Max, the dollar amount piles up quickly. Those originally trying to save money by choosing what to watch are now facing bills far greater than traditional cable or satellite packages.
Reactions on social media have not been positive following speculation of Netflix’s potential price increase. One fan, who doesn’t seem to think Netflix has enough content to offer to justify the prices, tweeted, “Might be the actual breaking point. It’s my least used streaming service so it wouldn’t hurt ditching it.” Another X user on the verge of canceling their subscription wrote, “They just demand more and more money, and we get nothing in return. Only disappointment. Every show canceled after 1 or 2 seasons. For now I’m staying only to watch Shadow and Bone once in a while. But I’m really tired of them.”
As of now, the price increase is speculative. However, as reported, insiders expect the announcement to come today during the Netflix earnings call. The exact amount of the possible price increase is unclear at this time, but subscription costs typically increase by one or two dollars each year.
Monsters: The Lyle and Erik Menendez Story
Monsters: The Lyle and Erik Menendez Story is the newest addition to Ryan Murphy and Ian Brennan’s “Monster” anthology series, chronicling the case of the real-life brothers convicted in 1996 for the murders of their parents, José and Kitty Menendez. While the prosecution argued they were seeking to inherit their family fortune, the brothers claimed – and remain adamant to this day, as they serve life sentences without the possibility of parole – that their actions stemmed out of fear from a lifetime of physical, emotional, and sexual abuse.
- Release Date
- September 19, 2024
- Seasons
- 1