2023 saw Netflix and many other streaming services increase their prices and subscribers are wondering if the subscription costs will go up in 2024 as well. So, here’s all you need to know about Netflix’s pricing history and whether there is a chance for another price increase in 2024.
Is Netflix increasing its price in 2024?
Netflix isn’t expected to increase its prices again in 2024 as the streaming service increased subscription prices in late 2023.
The following list shows the history of Netflix’s price increases over the years:
- October 2023 – $6.99 (Standard with ads), $11.99 (Basic), $15.49 (Standard), $22.99 (Premium)
- January 2022 – $9.99 (Basic), $15.49 (Standard), $19.99 (Premium)
- October 2020 – $8.99 (Basic), $13.99 (Standard), $17.99 (Premium)
- January 2019 – $8.99 (Basic), $12.99 (Standard), $15.99 (Premium)
- October 2017 – $7.99 (Basic), $10.99 (Standard), $13.99 (Premium)
- October 2015 – $7.99 (Basic), $9.99 (Standard), 11.99 (Premium)
- April 2014 – 7.99 (Basic), 8.99 (Standard), 11.99 (Premium)
- April 2013 – 7.99 (Standard), 11.99 (Premium)
- November 2010 – 7.99 (Standard)
Netflix hasn’t announced any price increases for 2024. But looking at a pattern that has been formed since October 2017, the service ups its subscription costs at intervals of 5 quarters (if the previous hike was in October) and 7 quarters (if the previous hike was in January).
Considering that Netflix’s prices were raised in October 2023, the next hike could come in January 2025. But Netflix hasn’t officially announced it yet.
Considering that Netflix is already charging the highest subscription price compared to other streaming services, there is a chance for Netflix to delay its next price-raising window. But again, nothing is confirmed at the time of writing.
Why is Netflix so expensive in 2024?
Netflix has become expensive because of multiple reasons including the rise in streaming wars, increased actor and writer royalties, and content output.
Netflix operates on a business model where it has to increase its prices gradually to be profitable in the longer term. The history of Netflix’s price increases shows that over the last decade, Netflix raised the basic 1 screen plan by $4. Meanwhile, it doubled the Premium 4K supported plan pricing, going from $11.99 in 2013 to $22.99 in 2023.
The reason Netflix is so expensive is because it continues to increase the number of projects it offers its subscribers. Netflix will also be paying more to actors and writers after the recently renewed WGA and SAG-AFTRA deals. Another reason why Netflix now feels so much more expensive in 2024 is that many people also pay for other streaming services. So, the overall monthly and yearly cost of entertainment has risen exponentially for the average viewer.
To counter that, Netflix launched its ad-supported tier, offering people its cheapest plan. It even saw an increase in its subscriber base by 8.8 million. So, with the gradual price hikes, Netflix might see more subscribers moving to an ad-supported model in the future.
