Many Netflix subscribers in the US are going to see a higher price for their monthly subscription starting in November. The streaming movie and TV service, which has over 52 million total US subscribers (and over 103 million worldwide), will raise prices that month for its standard subscription tier from $9.99 to $10.99 a month. The premium tier price will also go up from $11.99 to $13.99 a month.
The price hike was first reported by Mashable, who said that subscribers will be officially notified by Netflix on October 19 about the changes to their bills. In a statement, Netflix said the price increases were due to the service adding more original content, along with introducing new product features and improvements. The standard tier supports two continuous streams at a time and HD quality video, while the premium tier allows for up to four streams at once, along with 4K quality streaming video support. If you are signed up for Netflix’s basic plan, which allows for just one stream and SD quality video, your subscription price will remain the same at $7.99 a month.
Netflix issued its last price increase in the US in 2015, with the standard tier going up from $8.99 to $9.99 a month. However, that price hike didn’t seem to affect customer growth for the streaming service. While it remains on top, it still has a ton of competitors who are spending more money to add original content of their own, including Hulu and Amazon Prime Video, and even more companies, including Apple, are beginning to ramp up their own Netflix-like services. Netflix was also recently hit with a big blow as its recent deal with Disney to stream its most recent theatrical movies will now end in the fall of 2019.
For its part, Netflix reportedly plans to spend close to $7 billion on original content in 2018, and apparently it can’t depend on customer growth to fund all of it. Netflix has a ton of original movies and TV shows in the works, including new seasons of its current hit shows like Stranger Things, 13 Reasons Why, Daredevil, Jessica Jones, and others. New series that will premiere in 2017 and 2018 include The Punisher, a revival of Lost in Space, Mindhunter and the modern day fantasy-cop movie Bright, starring Will Smith.
If you are affected by these new price increases by Netflix, will you stick around or will you decide that the price is finally just too high?