Netflix Is Once Again Raising Prices On Select Subscription Plans
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Netflix is raising prices and you might be affected. Here’s the scoop!
Netflix is raising prices…AGAIN.
The popular streaming service is making changes and it may impact your wallet. News just broke that Netflix is raising the prices on a few select subscription plans.
The plans that will increase include some of the ad-free tiers. The Basic plan that is available to existing subscribers will increase from $9.99 to $11.99. Meanwhile, the Premium plan will increase from $19.99 to $22.99.
For now, the price of their Standard With Ads plan will stay at $6.99 and the Standard ad-free subscription will remain at $15.49.
The last time Netflix raised prices was in January of 2022 when they increased the rates of their Basic, Standard, and Premium plans. At that time, the Basic plan increased from $8.99 to $9.99, the Standard moved from $13.99 to $15.49, and the Premium moved from $17.99 to $19.99.
That means from 2021 to 2023, the Premium plan increased by $5 per month or $60 per year and the Basic plan increased by $3 per month or $36 per year.
For those on budgets and fixed incomes, that increase can feel like a lot. The change may result in some cutting down on their streaming services. Furthermore, many subscribers are wondering if more price hikes are to come and just how expensive their Netflix streaming service will cost in the future.
2023 Netflix Price Hikes at a Glance:
- Standard with Ads -> Remaining at $6.99
- Basic plan (available to existing customers) -> Increasing from $9.99 to $11.99
- Standard plan -> Remaining at $15.49
- Premium plan -> Increasing from $19.99 to $22.99
The price increase follows a boost in Netflix subscriptions.
The third quarter of 2023 was a major success for Netflix and they expect to see similar results in Q4. According to Investors.com, after cracking down on password sharing, Netflix raked in an additional 8.76 million subscribers for a current total of 247.15 million subscribers worldwide. Their newer (and luckily more affordable), $6.99 ad-supported plan saw a whopping 70% increase in memberships.
It’s clear Netflix is dominating the streaming services world which gives them leverage to hike their prices.
Though it seems everything these days is getting more expensive, we felt it our duty to let Hip readers know of this recent price change. If you need to change your plan or update your payment method, now is the time!
What do you think of the recent price increases? Do you plan to keep Netflix as a streaming service or downgrade your plan? 🤔 We’d love to hear your thoughts!