Netflix subscribers, buckle up for some potentially unwelcome news. Industry analysts predict another round of price hikes for Netflix subscriptions in 2024, following an increase in October 2023. Moreover, Netflix has also been removing content from its platform, including the cancellation of popular shows like “1899.”
According to a report by Variety, UBS analyst John Hodulik stated in a research note “We expect to see rate increases this year.” He believes that, based on the success of Netflix’s ad-supported tier in 2023, which contributed to a 7% revenue increase, the company will aim for a 15% revenue boost in 2024. This boost could potentially be achieved through further price hikes.
| Year | US Price (USD) | UK Price (GBP) | France Price (EUR) |
|---|---|---|---|
| 2021 | $8.99 | £5.99 | €7.99 |
| 2022 | $9.99 | £6.99 | €8.99 |
| 2023 | $10.99 | £7.99 | €9.99 |
| 2024 (Oct 2023 – Present) | $11.99 | £8.99 | €10.99 |
Price Increase Impact & Consumer Concerns
The previous price hike in October 2023, coupled with stricter password-sharing rules, has been met with disappointment by many consumers. While Netflix co-CEO Greg Peters argues that the price increase ultimately benefits users by allowing the company to invest in more content, these frequent price hikes might push users towards cheaper alternatives or other streaming platforms.
The new password-sharing policies, intended to encourage individual subscriptions, have been seen as inconvenient for families or individuals who share accounts. This, along with the price increases, suggests a trend of streaming services potentially exploiting the demand for entertainment by raising prices whenever they wish.
Overall, while Netflix has not officially confirmed further price hikes, industry analysts and recent trends strongly suggest that another increase is likely in 2024. This news, combined with content removal and password-sharing restrictions, raises concerns for consumers about the future of the streaming platform.
