While I’m sure no one needs more news about different ways corporations are reaching deeper into our collective pockets, 2022 is indeed already bringing more price increases to the world of entertainment. Your streaming needs are about to get a little bit more pricey, as Netflix is once again raising its subscription costs for all of its streaming packages.
Netflix revealed that prices for all plans in the U.S. and Canada would factor in an increase from anywhere between $1 and $2 for all new members. The basic plan is going up from $8.99 a month to $9.99, while the Standard plan will increase from $13.99 to $15.49. Meanwhile, the Premium plan and all of its Ultra HD-ness will jump up from $17.99 monthly charges to $19.99.
Longtime customers aren't safe, either, as this price increase will gradually reach current subscribers. Those who are presently subscribed to Netflix will receive an email alerting them of the change 30 days prior to their increase in price.
In a statement Netflix gave to USA Today, the streaming service's execs recognize that it is not nearly the only option for viewers that it once was in the realm of premium streaming services. In an attempt to satisfy the company's subscribers, the statement further commits to upping the quality. Here's how the statement was worded:
The last time Netflix upped its prices was back in 2020 when the pandemic was taking off in full force, which made enough sense at the time since people were at home and wanting to fill their time binging some serious streaming content, and lockdowns were stopping certain productions in the U.S. and abroad. However, this was also around the time when everyone and their grandma started coming out with their own streaming services, effectively pulling content, attention and customers away from established subscription services like Netflix and Hulu.
Although the streaming service has lost some of the licensed content that customers have turned to Netflix for, the studio's original series and films seem to be what the platform is depending on more than ever. According to Variety, Netflix almost doubled its content spending in 2021 from 2020, and that number is only going up in 2022. By 2025, it is predicted that Netflix could be spending almost $19 billion on annual content, with up to 50% of that amount going toward originals that will no doubt spark some awesome responses and keep the brand's loyalty intact.
While a dollar or two a month doesn’t seem like a lot to part with for so much more potential content, most viewers will have to consider the increased cost right along with their other streaming subscriptions like HBO Max and Paramount Plus. More and more viewers are canceling their cable bills in favor of adding more streaming services, but they may not end up saving as much money as they originally thought.
With the new increase in subscription cost for Netflix, plus the desire for other streaming services, customers will have to weigh the new upcharge with the benefit of increased content that is supposedly on the way. Netflix has started off 2022 with a number of original series premiering, and it looks like this will be a continued trend into the year and further into the future.
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