Mashable reported that Netflix will be raising their prices within the next month. Starting in November, Netflix will be raising the prices for its standard and premium package. So, for those with the basic package of $7.99 – you have nothing to be concerned about.
The standard package will be raising from $9.99 to $10.99. This package has HD available and allows simultaneous streaming on 2 devices. Their premium package will be increasing from $11.99 per month to $13.99 per month. On top of all the services offered with the basic plan and standard plan, the premium also allows Ultra HD streaming and simultaneous viewing on 4 devices.
For current users, you won’t have to start paying until November for the new prices and you’ll receive a 30-day notice on October 19, 2017. Unfortunately, for new users, this new pricing will take place immediately. Netflix released an official statement: From time to time, Netflix plans and pricing are adjusted as we add more exclusive TV shows and movies, introduce new product features, and improve the overall Netflix experience to help members find something great to watch even faster.
The last time Netflix raised their prices was in October 2015 to include the new streaming options. The competition for online streaming services has definitely increased in those last few years as services like Amazon Prime and Hulu match to make their services just as good. Hulu even beat out Netflix at the Emmys this year. Disney has also announced recently that they will be pulling all their original movies, Marvel, and Star Wars content from Netflix to start their own streaming services in 2019.
For Netflix, the increase in service plans’ cost comes with the increase in budget for next year. Netflix announced their budget for next year will be $7 billion on new original shows and movies. These investments go into their original series, comedy specials, documentaries, and films.
Regardless of their bump in price, they are still cheaper than HBO at $15 per month and Hulu’s commercial-free plan of $11.99 per month.