Netflix announced today that it is raising prices in the US. Depending on the plan, the prices will go up $1-$2 per month. While that might not sound like a lot, that brings their premium plan to $20 per month. That’s more than any other streaming service that does not include Live TV.
The basic plan will go to $9.99 from $8.99. While the Standard plan will go to $15.49 from $13.99. And finally, the Premium plan is going up to $19.99 from $17.99 per month.
Netflix has not set a specific date for when these prices will increase, stating:
“These prices apply to new members and will gradually take effect for all current members. Current members will receive an email notification 30 days before their price changes, unless they change their plan.”
This isn’t the first time Netflix has raised prices, and nor will it be the last. As Netflix continues to spend more and more on content, it needs to offset that cost, and that means the consumer is going to pay more. That original content does not come cheap, nor does the licensing for older content.
This is also the cost we pay for a streaming service that does not have ads. Most other streaming services have an ad-supported tier which is much cheaper. Like HBO MAX, which is $14.99/month, but its ad-supported tier is $9.99/month.
It’s not a surprise
Netflix has slowly been raising prices every year for the past few years, on those of us in the US. While also making it super cheap in other countries, to gain more traction. But where almost everyone in the US has Netflix already, it’s hard to really grow its revenue here, without raising prices. So here we are.
With this latest price increase, it might be time to start looking at other streaming services to get your fix. Netflix does have a lot of content, but not all of it is good content, which is something you need to factor in as well. You can check out our top 10 streaming services here.
Expect a price increase in 2023 or 2024 as well. Unless enough customers vote with their wallet and cancel Netflix, which is unlikely to happen.