The last time that Netflix hiked its prices was back in October 2020. Now, it appears that the world's most popular streaming service is preparing to raise subscription prices once again. At least, in the United States.
According to TVLine, Netflix's new pricing strategy will raise its subscription price to $15.49 per month. This would make Netflix $0.49 more expensive compared to HBO Max, making the streaming platform the most expensive subscription in the United States. TVLine's report adds that these changes are coming soon and that Netflix will notify subscribers at least 30 days before the implementation via email or through in-app notifications.
Rising subscription costs are normal. However, streaming platforms need to think twice before making such changes. Netflix, in particular, risks alienating an already dwindling subscription-based in the United States. Even if Netflix remains the largest streaming platform in the world, it is starting to lose its foothold in North America. We can only imagine that subscribers will flock to other more affordable competitors.
By raising its subscription prices, Netflix is putting pressure on itself to deliver fresh and high-quality content all the time. Otherwise, subscribers will feel that other platforms have better offerings. In comparison, Netflix's new top-tier price ($15.49) is noticeably more expensive compared to Prime Video ($8.99), Hulu ($12.99), and Disney+ ($7.99).
If it's consolation, Netflix's most recent moves do signal the platform's desire to keep subscribers interested and engaged. Case in point, Cobra Kai was renewed for a fifth season with the showrunners already planning for a sixth one. Meanwhile, Netflix just released details for the follow-up season of Bridgerton, which was formerly the platform's biggest launch before Squid Game. Finally, two sequels of Red Notice are planned to start production in 2023.
It will be interesting to see if what Netflix has done, and plans to do, is enough to keep subscribers in the loop. More importantly, we're curious to find out just how other streaming platforms will respond to Netflix's rising subscription prices.