If you’re a Netflix subscriber, a pricier monthly bill may be on the horizon. This week, emails went out to U.S. subscribers informing them that a price increase will accompany their next billing cycle.
While subscribers likely aren’t thrilled about the price hike — especially considering all of other streaming services already out there, and the new ones set to launch this year and next — they shouldn’t be surprised. In fact, some streamers may already be paying more. The company has actually been easing in the higher prices over the last few months depending on customers’ billing cycles.
So, just how much can you expect your bill to increase if it hasn’t already? Each of Netflix’s U.S. plans will increase $1 to $2, with the basic plan going from $8 to $9 per month, the standard plan going from $11 to $13 per month, and the premium plan jumping from $14 to $16 per month.
Why the price hike? Why now? As Netflix said when initially announcing the price increase back in January, the company hopes that the increased revenue from raising subscription costs will help it bolster its cache of TV shows and movies. One can only assume that this includes churning out more original hits, including such series as The Crown (talk about a pricey production), Stranger Things, and GLOW; and such films as Roma, To All the Boys I’ve Loved Before, Beasts of No Nation, and more.
In 2018 alone, the streaming giant budgeted $8 billion for new shows and movies. While super grouch Steven Spielberg may be actively campaigning against Netflix getting any piece of the awards pie, the company has been winning big, suggesting that its hefty investment is paying off. It won three Academy Awards in February and a whopping 23 Emmys in 2018.
According to CNN Business, “most existing customers are willing to pay more as long as Netflix continues to provide a wide range of popular content.”
Sure, Netflix can charge me a few more bucks, but they better keep the Noah Centineo hits coming.