Netflix are set to put out another price hike this year according to reports.
The streaming giants are still at war, and as the likes of Netflix, Disney+, and Prime Video continue to duke out, customers are set to be hit in the pocket once again. This time, it's Netflix raising its prices, leaving those glory days when a basic package without ads was just $7.99 as a distant memory.
Netflix held strong for years, but in 2023, it made the controversial decision to introduce ads. Now, all tiers are going to cost you more.
The latest earnings report for Netflix reveals that the ad-supported tier is going up from $6.99 to $7.99 monthly. The premium high tier is rising from $22.99 to $24.99, but the standard ad-free option is facing the biggest hike - leaping from $15.49 to $17.99.
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These increases are coming into play during your next billing cycle, and even though they're sure to be divisive, Netflix has promised 'more value' to its customers.
The report reads: "As we continue to invest in programming and deliver more value for our members, we will occasionally ask our members to pay a little more so that we can re-invest to further improve Netflix.
"To that end, we are adjusting prices today across most plans in the US, Canada, Portugal and Argentina (which was already factored into the 2025 guidance we provided in October 2024)."
It seems like we had it too good for too long, with the latest hike being the first since October 2023 and marking the first time the ad tier has cost more since it was introduced.
There are questions about why we're paying more, especially as Netflix reports it's celebrating its highest gain ever in the last quarter. Adding an impressive 19 million new subscribers, its global total has now crossed 300 million global subscribers.
Netflix’s recent success has been put down to the Jake Paul and Mike Tyson fight becoming the most streamed sporting event in history, as well as Squid Game season 2 boasting Netflix's biggest series launch ever.
Still, this comes a time when there's more choice than ever in terms of streaming services and many are tightening their belts.
It seems those promises of 'more value' are leaving many unimpressed, with one angry customer writing on X: "Where is the quality content to match these price increases every 5 days? @netflix be f**king serious u have about 2 good shows left."
Another grumbled: "Recently took out ad-free @Netflix and now I'm going to cancel it because of yet *another* price increase. #Netflix is simply gouging its customers. It's mostly foreign programs I have to watch with subtitles, anyway. F**k that. I'm going to read more books. #PriceGouging."
Others were seemingly okay with the raise and instead looked at the bigger picture of Netflix's bank balance. Someone else pointed out: "Netflix increase prices by $2 which is annoying yeh. Will people unsubscribe due to this...Probably not... If Netflix has ~300million subscribers This $2 increase will add an extra ~$7.248 billion per year. That's next massive. 🤯"
Despite Netflix's operating income topping $10 billion for the first time, company executives are looking to get even bigger. Netflix apparently accounts for under 10% of total TV viewing in the countries it's available, with execs 'suggesting a long runway' ahead as the streaming service continues its goals of global domination.