Netflix and Chill is about to get a little pricier, with the popular streaming service announcing that they will be raising prices across all subscription tiers in the coming months.
When you look at the amount of original programing that Netflix has been putting out lately (reportedly spending between $12 billion and $13 billion in 2018 alone), you can see that this price hike was inevitable. The last price increase happened back in 2017.
The service’s most popular plan, previously $11 a month for two HD streams, will rise to $13. The cheapest $8 non-HD plan will now be $9 (who the heck doesn’t have HD in 2019?), while the premium option that allowed four streams in 4K will rise from $14 per month to $16.
Sure, a $2 per month price hike doesn’t sound like much, but when you consider the fact that Netflix has 58 million subscribers in the US, that equates to an extra $116 million a month, enough to keep shows like Friends (which it spent $100 million on to retain) and The Office streaming, along with hit movies like Bird Box and others.
Even with a slew of competition (Amazon Prime, Hulu, HBO, and Apple’s upcoming streaming service) looking to take market share away from Netflix, it’s unlikely that this price hike will affect their subscriber base one bit. And neither does Wall Street, with Netflix shares rising 6.5% for the day on the news.