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It looks like Netflix is back in the bad books, as subscribers are vowing to cancel their subscription to the streaming service over its latest announcement.
Does anyone remember when Netflix used to post discs in the mail, eventually evolving into the streaming giant we know today and being blamed for putting Blockbuster out of business?
YouTube might've pipped Netflix to the post as the first online streaming service, but in terms of what we think of today in terms of video-on-demand, Netflix takes the crown.
It's wild to think we've been paying our monthly subscription since 1999, and as of January 2025, Netflix is the most subscribed subscription service - boasting 301.6 million paid memberships in over 190 countries.
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With everything from Squid Game to the Jake Paul vs. Mike Tyson fight, Tiger King to Stranger Things, there's a lot on offer. Still, with Disney+, Max, Amazon Prime Video, and all the rest, there's also a lot of choice out there.
Piracy is still a big thing, meaning many customers believe they have Netflix over a barrel and can simply choose to take their business elsewhere.
This seems to be the mantra of many, and with Netflix announcing a recent price hike, some users are heading for the hills.
Netflix's latest earnings report confirms the ad-supported tier is going up from $6.99 to $7.99 per month, the standard ad-free option is rising from $15.49 to $17.99, and the premium high tier is climbing from $22.99 to $24.99.
Despite this being the first time prices have risen since October 2023, the angry streaming community is speaking with actions instead of words. The main issue seems to be that this controversial hike has been announced in the same breath that Netflix confirmed it added a record-breaking 18.9 million subscribers in its holiday quarter, pushing it over the 300 million mark, and netting an impressive $10 billion operating income for the first time.
As someone previously pointed out, a $2.50 increase on the ad-free option will add a staggering $750 million to its yearly income.
Posting on X, fans have branded the price hike as 'greedy', with a rebellion on the horizon.
Another price increase??!! The greed with this company is WAY over the top and the value is not there. Canceled my account. Done with this. @netflix #CancelNetflix pic.twitter.com/cZRI8pJI8d
— ALSci (@autumnlynnphoto) January 24, 2025
One angry critic wrote, "Enough is Enough @netflix because first you said that 'sharing is caring' but took that away. And now every other month you raise prices. Eventually, people will ban together & cancel. It's coming!!! Greed eventually opens eyes."
Someone else raged: "I Just cancelled @netflix . You should do the same. They'll fix their pricing real quick if you do."
Another defiant user concluded: "Netflix announcing its price hike again was the reminder I needed to cancel it. And afterwards I signed up for YouTube Premium cause YouTube is used every day compared to Netflix maybe 2 times every other month. Bye bye Netflix, see you whenever the new Stranger Things comes out."
It's clear that there's a lot of hostility here, but will it really work? The streaming giant previously tried to clamp down on password sharing by making people sign up for their own accounts (or add another user for a discount rate), and instead of Netflix tanking, it actually earned more money. As its shares also soared to an all-time high of $984.86 on January 23, the announcement doesn't look like the movie Monolith is quaking in its boots just yet.
