Earlier this month it was reported that Netflix would be making yet another price hike for its plans. It turns out the reports were true because in the company’s quarterly earnings report, they have confirmed that they will be raising the price of both its Basic and Premium plans.
The Premium tier is priced at $20, but now the company says they will be bumping it up to $23. As for the Basic plan, it will see a price hike from $10 to $12, although it should be noted that earlier this year, Netflix killed off the Basic tier for new subscribers, so if you’re already grandfathered into it, then this increase in price will affect you.
Thankfully, that’s all the price changes Netflix has made. The company’s ad-supported tier will remain the same at $7 a month, while the Standard plan (which replaces the Basic tier) will also remain the same at $15.49, although given Netflix’s history of raising prices, we wouldn’t be surprised if the company were to increase the prices of those tiers in the future.
That being said, we did mention before that price hikes are to be expected. The competition in the streaming space has grown quite a bit in recent years, and to remain competitive, platforms like Netflix are investing more into original content, which means more expenses incurred by the company which needs to be covered by a price hike across its subscribers.
Netflix isn’t alone in making price changes as we have seen other platforms do the same, so if the new prices for Netflix Basic and Premium are starting to become a bit too dear, then maybe it might be time to consider downgrading.