2023-10-13 10:56:00
While the streaming giants have continued to increase their prices in recent months, recent information from Wall Street Journal suggests that Netflix is preparing to once once more increase the price of its subscriptions. This adjustment should take place in the coming months, and would echo the end of the writers’ and actors’ strike in Hollywood.
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As usual, the streaming platform would begin its new price increase in the United States and Canada, before deploying it internationally, particularly in France. Netflix has so far declined to comment on the newspaper’s statements. As a reminder, the last increase in Netflix subscriptions dates back to 2022. The streaming giant then increased the price from €7.99 to €8.99 per month for the Essential plan, from €11.99 to €13.99 for the Standard formula and €15.99 to €17.99 for the Premium formula.
Netflix
Netflix is an application and paid subscription service that provides access to an online library of several thousand films, series, documentaries, shows and TV shows.
Downloads: 679 Release date: 12/10/2023 Author: Netflix, Inc. License: Free license Categories: Video – Leisure Operating system: Android, Online service, Windows 10/11, iOS iPhone / iPad
39% of respondents would cancel their subscription in the event of an increase
According to a study carried out by Civic Science among 4,000 respondents, among current Netflix users and those who are likely to subscribe, 29% would subscribe to an ad-free plan (either by remaining a subscriber or by taking out a new subscription ), such as the Netflix Standard or Premium plans. However, 39% of respondents said they would cancel their subscription if a price increase took place. “If we consider exclusively the most affected audience — those who subscribe to an ad-free plan, starting at $15.49 per month [l’offre standard aux États-Unis, NDLR] —, we see that almost half of them are likely to keep their -free plan if the subscription price increases. Few would upgrade to the new ad-supported Netflix Standard plan, which currently costs $6.99 per month, while more than a third would choose to cancel their subscription altogether“, explique Civic Science.
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Inflation is weighing on household budgets, which are being more careful regarding their spending on streaming services. “Continuing monthly tracking shows 33% of U.S. adults have reduced or plan to reduce their spending on streaming subscriptions, up from 28% in January“, poursuit Civic Science.
One in two people say they would cancel their Netflix subscription due to a price increase, explaining that they have become more sensitive on the subject over the past year. 35-54 year olds are mainly affected. Last but not least, the strike of screenwriters and actors having had an impact on the content available, 29% say they have difficulty finding programs to their liking on the platform, compared to 24% 6 months ago. More than a third of people who would cancel their Netflix subscription due to a price increase say they are running out of content.
Should Netflix be worried regarding these results? Last July, the streaming platform recorded 2.6 million new subscribers in the United States. 23% of them opted for the ad-supported offer at $6.99/month. A figure up 4 points compared to June. And for its second quarter, the group announced 5.9 million new subscribers, for a cumulative number of 238.3 million customers worldwide. An impressive score. Although there is no danger in the matter, one thing is certain: the Californian platform will have to take into account the famous phenomenon of “streamflation” otherwise there will be unpleasant surprises.
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