There is no doubt that Netflix is one of the most prolific streaming platforms in the world, with the company establishing its name at the forefront of on-demand entertainment, but it is also famous for one other thing: price hikes. As per the latest scoop from Netflix's Q4 2023 letter, the company is planning a price hike this 2024, looking to increase the prices of its subscriptions for all.
This also follows last year's removal of the ad-free Basic tier from its options, now live in Canada and the United Kingdom.
Netflix Price Hike 2024 is Coming For All
(Photo : PATRICK T. FALLON/AFP via Getty Images)
Netflix's Q4 2023 letter to shareholders brought bad news for all, and this was because of its planned price hike for 2024, centering on higher subscriptions for all using its services. It is widely known that Netflix's last price hike was in late 2023, and now, the company revealed that it plans to grow more of its company and revenue through asking customers to pay more.
Under its Monetization plans, the company said "As we invest in and improve Netflix, we'll occasionally ask our members to pay a little extra to reflect those improvements, which in turn helps drive the positive flywheel of additional investment to further improve and grow our service."
Apart from this, the company said that its ad revenue also helped in improving its numbers towards the end of the year, closing with a significant achievement after its slump.
According to Netflix's Q4 2023 report, the company rose to 11 percent more compared to its previous quarters, with massive numbers of subscriptions contributing to its growth. However, Netflix is planning to bring more growth in 2024 by increasing its subscriptions, paired with the massive titles coming and lined up for the year.
For now, it remains unknown how much Netflix will charge more this year.
Netflix's Numerous Price Hikes
Last year, Netflix imposed two price hikes for the many tiers available for subscribers to opt in, and the first one was in July when it increased all of the monthly subscriptions for users, to as much as $19.99 for Premium.
This was also the time when the company first removed the Basic without ads tier from the options, leaving the platform to offer only three tiers to choose from.
However, the next price hike took place later in the year, and this was because of the massive WGA and SAG-AFTRA strike in Hollywood which halted their plans from moving forward. In this price hike, the company also adds an increase to the ad-supported subscription it has available, and in October, the company asks as much as $23 per month for its Premium tier.
Amidst the company's report of a massive fourth quarter for last year's performance, the company is looking to grow more of its revenue this year, and that centers on its monthly subscription from customers. It remains unknown how much Netflix would charge its subscribers in this price hike, and while it is expected that it would only add around $1 to $2, it will still make it more expensive for all.
