In the ever-evolving landscape of streaming services, industry analysts are anticipating that Netflix may again raise its subscription prices in 2024. Although Netflix has not officially confirmed any specific plans for a price increase, recent executive statements and historical patterns indicate so.
During the company’s Q4 2023 earnings call, Netflix co-CEO Greg Peters pointed out that the company had “largely put price increases on hold” while it implemented its paid-sharing program “because we saw that as a form of substitute price increase. Now that we’re through that, we’re able to resume our sort of standard approach toward price increases.”
Netflix’s last price hike occurred in October 2023. The Basic ad-free plan, which ceased to be an option for new subscribers as of July 2023, experienced a price increase from $9.99 to $11.99 per month. Meanwhile, the Premium plan also saw an increase from its earlier $19.99 price point to $22.99 per month.
One factor feeding the price hike predictions is the success Netflix has achieved following recent pricing adjustments. Contrary to widespread expectations, the price changes have not led to significant subscriber loss. In fact, Netflix reported that the aftermath of price increases and password-sharing enforcement was surprisingly positive. The company’s paid-sharing program, which prevents users from sharing passwords with people outside their household and requires them to either purchase their own subscription or be added to an existing account for an additional fee, actually led to one of the largest growth in its subscriber base.
As the company prepares for its next move, a pivotal question for many Netflix subscribers remains unanswered: How much more will it cost to enjoy their favorite content? While the exact details and figures are yet to be disclosed, users should anticipate potential price changes in 2024.
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