Yes, it’s true. Netflix is really increasing its subscription prices again.
The streaming platform announced this week that two popular subscription plans in the U.S. are getting a price hike and a lot of people aren’t happy.
Netflix has faced some backlash recently over it’s canceled content. In the past few months, the streaming platform has announced the cancellations of Chilling Adventures of Sabrina, GLOW, The Society and Away among others.
Now, it looks like some U.S. subscribers are going to be charged more for potentially less Netflix content. This week, the service announced that it’s standard and premium plans are getting a price hike. According to Netflix’s Help Center, the Standard Tier is jumping from $13 to $14 a month while the Premium Tier is increasing from $16 to $18.
For those of you that have Netflix’s Basic Tier, however, there’s no need to worry. This subscription plan will remain at just $9 a month. According to CNBC, customers will receive a 30-day warning before these new changes are applied to their bill.
Netflix’s latest price increase marks the third time the company has done so over the past few years. Back in January 2019, U.S. customers saw a price jump across all three subscription tiers. Similarly, the same changes happened to subscribers in the U.K. in June 2019.
Due to the coronavirus pandemic and many people staying home, Netflix has had quite a good 2020. According to Business Insider, the company’s revenue has grown 22.7 percent in Q3 which resulted in $790 million in profit. These earnings allowed for Netflix’s biggest quarter growth in 2020. As well, Netflix brought in nearly 29 million subscribers this year with the biggest growth happening in Q1 with 15.7 million new customers.
Despite the success Netflix is seeing this year, a lot of subscribers are not too happy with the sudden change in subscription prices. In fact, some are even considering canceling their accounts. Especially with Hulu, HBO Max, NBC’s Peacock and Disney+ around, many are starting to flock to other streaming services for content.
I will be canceling my #Netflix account the moment they raise the price
— QueenB👑 (@chafaaaaaa) October 30, 2020
— TF (@Crucian68) October 30, 2020
Netflix keeps raising the price and lowering the quality. Fun how that works out.
— Paul Cantor (@PaulCantor) October 30, 2020
— Prrrrrrrrrrrr$ (@BlueNoseRu) October 30, 2020
Netflix lowkey trash foreal foreal. Not worth the price increases at all
— Outlaw 👑 (@Ladii_Outlaw) October 30, 2020
Do you think Netflix should be raising subscription prices? Are you thinking about canceling your subscription? Let us know in the comments below.