Users of the insanely popular streaming service Netflix are about to see their rates increase yet again. The spike will jump their lowest tier from $8 a month up to $9, and the $11 and $14 monthly plans will increase to $13 and $16 respectively. This is most likely due to several factors, but largely because of the massive increase in the popularity of the service.
According to a report from CNBC, Netflix is raising rates immediately for new subscribers. Current members will see the increase hit them gradually over the next three months. Netflix has not been shy about spending money to secure exclusive rights to standup specials from todays hottest comics, and platform exclusive films and series to bolster their content catalogue. As a direct result, Netflix is choosing to hike rates on their service to help offset the cost of acquiring all that content.
“We change pricing from time to time as we continue investing in great entertainment and improving the overall Netflix experience,” Netflix told CNBC. Which makes sense as the last spike in popularity the streaming service enacted was back in 2017, as a result of subscribers sharing their logins with friends and family. One could assume that as digital content continues to evolve and change, price increases will also become standard no matter what service you use. For many, Netflix is still the best option for entertainment as even with these new prices, Netflix is still astronomically cheaper than cable.