It's about to cost you a lot more to Netflix and chill, and people are not very happy about it. If like millions of other people across the US, you are a Netflix subscriber, then you need to know that the streaming giant is about to raise their monthly subscription rate. The rate increase, the first since 2017, will range from 13 to 18 percent depending on your subscription service.
If you previously had the $11 a month plan — the one that allowed you to stream content on two screens at the same time — you'll soon be paying $13 a month. If you had a top tier subscription allowing you to stream on four different screens, you would soon be paying $15.99, up from $13.99 per month. Those with the basic subscription will see the monthly rate rise one dollar a month from $7.99 to $8.99. This current hike will affect all Netflix subscribers.
“We change pricing from time to time as we continue investing in great entertainment and improving the overall Netflix experience for the benefit of our members,” Netflix said in a statement explaining the price hike. As there are now more and more streaming sites available for consumers to choose from like HBO GO, HULU, Amazon Prime as well as many others in the works, these streaming companies are working hard to produce new content that will entice new subscribers and keep existing subscribers, but that costs a lot of money.
Netflix just shelled out $100 million for the rights to keep airing reruns of Friends, and has, according to their quarterly earnings report, committed to spending over $18.6 billion on content. That includes fan favorite Netflix original series like Stranger Things and The Crown as well as original movies like To All The Boys I've Loved Before and BirdBox, which Netflix says has already been watched by over 45 million accounts. Long-term deals with powerhouse television producers Shonda Rhimes and Ryan Murphy also cost the streaming company millions of dollars.
While many are upset about the upcoming price hike, that will be announced to subscribers via email while new subscribers will pay the new rate immediately, many admit the basic subscription for Netflix is still more affordable than many of the other streaming services and even basic cable. Others feel that with so many different offerings and more on the horizon, a price hike just isn't smart business.
While it's frustrating to see such a drastic hike if subscribers are going to be able to watch quality content and more original programming many will still be willing to pay.