Netflix Loses Subscribers Following Price Increase & Plans to Monetize Password Sharing

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The recent Netflix price increase didn’t quite have the desired effect for the streaming giant.

Netflix has raised it's prices

Better set a little extra money aside for your entertainment budget this year…

Netflix recently made some pretty unpopular changes to its streaming service. Unsurprisingly, the streaming giant is now reporting that it’s losing customers for the first time in over a decade.

Back in January, Netflix announced that it would be raising the price of its subscription plans in the United States. The price of the basic subscription plan increased by $1 to $9.99, the standard plan went up $1.50 to $15.49, and the premium plan increased $2 to $19.99.

Yesterday, the company revealed that it lost over 200,000 subscribers since January and that it’s expecting to lose an additional two million subscribers before July. As a result of this news, Netflix stock plunged 35% today, devaluing the company by more than $50 billion. 😲

man streaming on phone in front of Netflix on TV

Netflix offered lots of theories as to why it may be struggling, including “competition, sluggish economic growth, increasing inflation, geopolitical events, and some continued disruption from Covid.” Interestingly, the company did not acknowledge its recent price hike as a potential contributing factor.

So, what does Netflix plan to do to get itself back on track – maybe reconsider those recent price increases or try to lure customers back with some exciting new content? Time will tell. But for now, they plan to crack down on password sharing.

That’s right – Netflix says that it’s working on a way to monetize password sharing, “enabling members who share outside their household to do so easily and securely, while also paying a bit more.” The company is also toying with the idea of offering a more affordable ad-supported subscription, which has been successful for other streaming platforms like Disney, Hulu, and HBO Max.

netflix on computer

In its defense, this streaming service does have a lot of popular shows, including Bridgerton, Ozark, Inventing Anna, Stranger Things, and so much more. And to be honest – we would really miss all our favorite guilty pleasures too, including the super fun and totally bingeable reality TV shows like Ultimatum and Love Is Blind.

man with sad face wearing blanket and watching tv

So, Netflix subscribers – we’d love to hear from you! Will all these changes push you to cut ties with the king of streaming, or will you stick around for the content you’ve grown to love? If so, what are you watching that makes Netflix worth the cost for you?

Be sure to let us know where you stand in the comments!

Looking for live TV streaming options? Here are 5 of our faves!

About the writer:

Jenna has a Bachelor's Degree from Lycoming College and her Master's from Penn State, holding 4 years of writing experience between a variety of publications and Hip2Save.

Join The Discussion

Comments 53

  1. Su

    I think they are crazy if they think that raising their prices yet again was not the reason for the loss of customers. When a lot of other streaming services are less. I also think if they lock down on password sharing that they will lose even more customers. Plus what about the kids who might have two homes they go between. Will they have to pay a higher price to be able to watch their Netflix account at both of their homes?

    • Jessica

      Exactly! My son uses his Netflix on his iPad when staying with my parents or my in-laws over the weekend – they live two hours away. I shouldn’t be charged more just because it appears he is in a different house!

      • Notgiven

        The same device works this end even elsewhere but it may be because it is a different wifi but it works on the devices own internet. It might be worth a try. If it works you might want to share. Only it of course uses data but it does not seem to have meant needing to top up more data when ive done it. I hooe that helps

        Take care

    • Jen O.

      We have that exact issue. My ex-husband has Netflix and my 14-year-old son watches it over at my house all the time. It’s not like he gives his log in to everyone he knows so that no one has to pay. It’s the same people watching, just in different places. So it sort of feels like a punishment to be charged extra.

    • desiree

      I work 200mi from my house and I’m between 2-3 different cities every week. I’m gonna be telling Netflix to shove it if they tell me I can’t use my service where I am living in multiple locations.

  2. C

    I have been a Netflix subscriber since they started out. I will not ever cancel.

    • jon-0

      I feel sorry for you

      • Notgiven

        The content has declined so theres almost nothing to watch. If such content was catagorised we would have a choice so was already not getting what was being paid for then the price inceased and that was it.

        Its not what is on there alone but being able to find clean suitsble things without stressing out watching 20 minutes of each film just to find each film. Family films without needing to shut eyes and ears lets people know what catagory to select and theres almost no trailers. A random clip of a film tells the viewer nothing. Searching is frustrating.

        Films are in foreign languages and are not catagorised and therefore it is hard to find films. The film details may sound good and then be impossible to understanstand. There are many foriegn films witg English vooceovers so the mouth does not match the speaking to the point that it is comical and this may be after an hour of trying to find one suitable film to no avail.

        New films that people are excited to watch are never on Netflix but the old films are available.

        If the price increase never came up, many would have likely left it rolling for the price. It is not worth more than what it was and those using other peoples accounts would not pay anyway but i do get those concerns, then again if i was over another place i expect what i have paid for but on the usual device it works. Good content at the same price clearly catagorised with officoal trailers per film and clarification of the language would be of no issue. Netflix started off well but has gone down hill but someone will always be dissatisfied no matter what a company does and there might be costs and other difficulties for them but pushing agendas will always backfire as well. Tge above improvements would likely bring the customers back plus more. They do make an effort to cover various cultures and they try to vary content which they deserve recognition for. They did try so i dont want to put them down but My subscription just finished and theres no incentive to pay to continue at all.

    • Thriftypuppy

      And you are that loyal to a brand why? If they raise it to $100 a month, will you stick with them?

  3. Laura

    I cancelled because Hulu & Disney are cheaper than one Netflix subscription, Netflix hasn’t had any new drama series in awhile-in fact, they’ve been stagnant on a lot. And I’m not paying subscription fees to watch movies or tv shows from the 80s and 90s.

  4. Michelle W

    They are losing members because of their programming.

  5. James A Stiner

    Didn’t they just lose 700,000 subcribers in Russia due to the fact they shut down their service there. So does that mean they actually added 500,000 other subscribers ? This has been mentioned at several news outlets other than the Hip2save wire service.

    • Getta

      Your are correct. They actually added subscribers if you don’t count what they shut down in Russia.

    • Monique

      According to huffington post fell by 200k aside from Russia expected to fall another 2 million subscribers by June

  6. kalynn

    We canceled about a month ago after being subscribers since the very beginning. There are a few shows on there that we like, but there’s no reason for us to keep paying monthly when we typically only get new episodes of these shows once a year. We plan on signing up for a month at a time whenever there’s a new Netflix movie we want to see, or a new season of our favorite shows (I.e Stranger Things in a few months). Our kids used to use it, but we realized they were barely watching anything on there anymore. I was happy to cancel and save a few dollars each month.

  7. jill

    we cancelled also…. there wasn’t enough to justify the monthly charge, so we switched to Paramount+ and DIscovery+ and find that we watch both of those SO much more

  8. jim farrell

    elon musk is going to buy them and cut the fees.

  9. Brian

    Been a Subscriber since the beginning. Find it much more valuable to resub for a month every 4-6 months for 1 month, then cancel again. You end up spending so much time waiting for one release to watch it all in a couple days. at $240/yr just not worth it to sub for every month.

  10. Amy

    Netflix is my favorite streaming service so I won’t cancel but these hikes are making it difficult. I think people saying they don’t have great content just aren’t able to find it, which is completely Netflix’s fault. They pick a few select shows/movies to promote and tons of great stuff is simply left up to luck finding or word of mouth.

  11. Kimberly

    We’re about ready to cancel because of the price increase. If they start charging extra for Sharing then we definitely cancel,too many other places to watch shows on.

  12. barbara

    I actually canceled yeaterday.

  13. April

    We canceled due to price increase

  14. mrswagley

    Been with Netflix since the start, ordering DVDs through the mail, I have been wanting to cancel now for a while, the kids use it but honestly for the content it’s not worth it anymore for our family. Im sure we will be canceling soon.

  15. Tracy

    A great benefit of TMobile is you get free Netflix so it doesn’t matter what the price is.

    • Missy

      Tmobile is the only reason I won’t cancel

    • Erin

      I have T-mobile too, and they just raised the bill by the amount of the increase FYI

    • Carrie

      I get Netflix from TMobile too but have paid an extra dollar from the past couple of increases.

  16. Pristar

    I will cancel. There are many other streaming platforms which are cheaper. Netflix may come up with one or two good show a season. They cancel some show mid season. It’s not worth paying more for stagnant mediocre content.

  17. D-Lover

    I didn’t cancel yet but if they increase the price due to sharing, I will. We don’t watch it as much and other streaming services are way cheaper. It they keep it up, they will be the next one filing for bankruptcy. Families are struggling and they are just being greedy!

    • Notgiven

      They are billions in debt. Trying to make money to pay their bills is. Hardly greedy. If your job paid nothing i am sure you would seek more money

  18. YoudoYou

    We canceled with the price increase before this one. The limited viewing to just one screen and having to pay for the second screen. The password sharing is kinda a big deal. I can see them losing a TON of customers or that. People that travel for work, parents with multiple homes, grandparents who watch their grand kids, teachers who use it for documentaries, and the list could go on and on. Surprisingly enough, we haven’t missed it. My son did ask about Jurassic Park once he quickly got over it. We do Hulu for 0.99/month and tried P+ but quickly realized we have watched most everything on P+ so just down to Hulu and even then we could probably just get away with our antenna TV.

  19. Gracie S.

    I’ve thought about cancelling Netflix, but I’ve been drawn to watching Korean dramas. Unlike, Hulu, Netflix offers a variety of great Korean shows to watch. Until this changes, I will be sticking with them.

  20. Amy

    We cancelled recently, but it wasn’t even because of the price increase. We weren’t really using it and it seemed expensive compared to other streaming services. And I’d wanted to cancel ever since they did “Cuties.” We seem to use Peacock the most these days.

  21. Chris

    We just cancelled yesterday 4/19 even though we have a significant discount with T-mobile! Went with Paramount+ instead.
    Had Netflix for years and even the kids weren’t watching anymore! Time for a change. The price increase made us look at other companies & what they offer.

    • Notgiven

      how much were T mobile charging please? A bit late to continue but would appreciate your confirmation anyhow, thanks.

  22. CW

    So many other cheaper streaming platforms out there. We get so much more out of Disney+. If Netflix raises rates, goodbye

  23. Princess’Mom

    I’m not worried about the price increase as it’s still less than one trip to the movie theater for my family of three. But, I do use my subscription on the go a lot—I’ve got the app on my phone and watch shows on there, I watch it on my laptop at work during lunch, and we have the app on our kid’s tablet for when we travel as well as on a laptop and tv at home. I’m not sure how they plan to determine if someone is “password sharing” vs legitimately using their own account from different places. If they end up removing our ability to use our account on the go, or charge extra for that, then we will drop it out of principle. I am actually that person who refuses to share my password with others because I don’t think it’s right to do that 🤷‍♀️

  24. desiree

    Didn’t realize the increase. We will be downsizing the plan we have for sure.

  25. hip2trade

    We just subscribe to Netflix at various times whenever a program is available. When we aren’t watching a particular program we just cancel. Subscribe when it benefits our needs. I don’t see any reason to subscribe to any service for a year at a time. We enjoy Sling at times. When they offer trials now if you cancel during the trial, service is gone immediately. I don’t really care for that.

  26. dylanfan

    I had an offer on my T-Mobile account app for one year of free paramount plus. I’m on one of the older plans where T-Mobile isn’t included so I was surprised to randomly see it.

    • Amber (Hip Sidekick)

      Yes! Thanks for the reminder! That’s a great offer to grab if you’re eligible! 🙌❤️

  27. Tricia

    I want to cancel the streaming but my husband isn’t happy about that because he does watch it alot. But so much is going up other than our paycheck, we have to lose some things soon.

  28. Heather

    I’ve been a Netflix subscriber since back in the DVD days. I also subscribe to many other streaming services. I’ll cancel mine. I don’t use the service, but liked to have it just as a bonus. My family shares all our streaming services which is why I subscribe to so many. IMO, the only streaming service worth the price is Discovery+.

    Also, this plan is going to be terrible for those in rural areas. My internet is not a static IP address so I would never be able to use the service. And I know this is an issue because I tried Hulu Live which needs a static IP to show the local news. My news channel was whatever was local for the IP I had.

    So, this change will affect every household. And, in my opinion, if Netflix was successful with these changes every streaming service would make the same changes, increasing the cost for everyone.

  29. everest716

    We never watch it, shame on me, because I was paying $15 a month, just canceled. Thanks!

    • Amber (Hip Sidekick)

      You’re welcome!

  30. Tracey

    We actually watch Netflix more than any other paid programming site. With four of us, the premium comes to $5.00 a month per person which is less than going out to the movies once, so for us it’s worth it even with price hikes. Since my kids don’t live at home, I hope the “password sharing fee” does not affect that; we do pay for the premium so hopefully not.

  31. Bugg

    Netflix raising the price is strictly the only reason people are cancelling their accounts. It costs almost as much as it does to add cable tv to your wifi plan. So if I’m going to pay cable prices I might as well go back to cable channels. They’ve already cancelled almost every show I loved, or lost them to other cheaper streaming services.

  32. Katie

    We use Netflix daily so I don’t see any reason to cancel. My mom pays $80 for cable..that’s what should get cancelled!

  33. Andrea

    We have T-mobile so they pay for our Netflix. We have upgraded to the HD streaming and pay the difference which will now be $2 per month. I cannot complain. There are lots of shows we watch on Netflix.

  34. Kristi

    I haven’t used Netflix for over 3 years. For me it was the content. There were maybe two shows I actually watched. Now I love Frndly!

  35. Anne

    I like Netflix. I.use to subscribe and cancel seasonally as there was less stuff I wanted to watch. I have been subscribed concurrently for a few years now. Not watching much so I may go back to cancelling and resubscribing.I love that the service is ad free. They do have great shows. I. Have live streaming cable and pay a lot and have to watch a ton of ads which really annoys me so I generally only watch sports and nothing else.

  36. Dkp91576

    As long as I remain a T Mobile customer, I will remain a Netflix customer. I will not pay extra for it. Same with Paramount. I pay a lot for my cell phone family plan and love having the extra perks.

  37. sanclan

    NetFlix is going to go the way of the ad supported streaming is going backwards for them. We started their streaming service as soon as it was offered, over 12 years ago, to escape commercials. We had NetFlix, Hulu, and a Sony CinemaNow. The Hulu we have is commercial free, as well. Our only reason for streaming was to not have commercials. So, NetFlix will get lost in the mix of EVERYONE who is doing ad supported now that they realize people would rather use the internet than a satellite or cable TV, but just offering the exact same thing on a different media.

    Also, on the charging more for being in a different household. I use my account at my son’s college apartment, when traveling anywhere, etc. I already pay to have multiple TV’s watching at the same time. Every room in our home is equipped with a Roku and we do not have satellite, cable TV, or antennae, just streaming. We were one of the very first cord cutters….

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