As families around the globe continue to enjoy movie nights, the cost of streaming is set to rise once again with Netflix announcing an upcoming subscription price hike. Following last year’s increase, Netflix plans another bump in prices in the wake of the recent Hollywood Writers Guild of America strike.
Last year saw the standard ad-free plan reach $15.49 and the Premium service $19.99 per month. Adding to the budget, Netflix also introduced an ad-supported plan at a lower $6.99 per month, aimed at more budget-conscious viewers.
The strike, which began on May 2, momentarily halted some of Netflix’s productions. However, with the Writers Guild of America reaching an agreement with major Hollywood studios, including Netflix, and voting on a new contract, the end of the strike is in sight. This new contract also mandates streaming services like Netflix and Disney+ to share streaming data with the Guild, letting writers see their content’s performance.
With the end of the strike, an influx of new shows and movies is expected on the platform, which Netflix might use to justify the increased costs. Although the exact figures are yet to be revealed, the price hike is expected to roll out in several markets globally, starting with the US and Canada.
This news has stirred mixed reactions among Netflix users, with some expressing their frustrations on social platforms. As parents, the consistent rise in subscription costs might stretch the entertainment budget, especially in these challenging economic times.
Over the past year, major ad-free streaming services have witnessed about a 25 percent increase in costs, as companies aim to boost their profits amidst the ongoing global economic challenges. Netflix is not alone in this, but the recurring price hikes have left some subscribers pondering the value.
As the digital landscape continually evolves, parents should weigh the costs and benefits of streaming services, considering alternative or more affordable platforms. The upcoming Netflix price hike serves as a reminder to re-evaluate the family’s streaming subscriptions and perhaps explore other budget-friendly options available in the market.