Netflix is raising its prices once again, and the change isn't leaving much debate time for users of the streaming platform. While Netflix is still a deal when it comes to the amount of content offered, quality aside, it is still something many users are easily upset about when it comes to monthly costs.
According to CNBC, the streaming service raised prices Thursday on their standard and premium plans. Originally priced at $12.99 and $15.99, respectively, the new prices jump to $13.99 and $17.99 for both plans after Thursday's change.
Current subscribers will see the price reflected in their bills across the next two months, reportedly getting a warning in their email before the change takes hold on them. But as it stands, this change is happening now and it is the first significant price boost since January 2019.
The standard entry-level plan will still remain at $8.99 a month, but doesn't include HD viewing and limits you to one screen or device at a time. Many users likely use the standard plan or bump up to the premium level when families are involved.
The company teased the price change during their latest earnings call. COO Greg Peters lays out the reasoning to those questioning the decision. Citing the success of Netflix's original slate, Peters says, "there is that opportunity to occasionally go back and then ask for members, where we've delivered extra value in those countries, to pay a little bit more."
The price change also lands amid a new focus on streaming among several companies throughout entertainment. Disney has made streaming their priority, while Warner is working to build up HBO Max as the destination for all of their content. Viacom CBS will do similar when CBS All-Access becomes Paramount+ in 2021, creating something we've only seen teased in past years.
Plenty of users have already taken to social media to vent about the impending change. Some are questioning what "value" means to Netflix compared to its users, while others question the rise during the pandemic. With the rising competition, it really shouldn't be a shock. It just doesn't mean people will be happy.