If you’ve been a Netflix subscriber for more than two years, be prepared: Your streaming subscription plan may get a $2 a month hike starting in May.
Roughly 17 million longtime Netflix subscribers — those signed up for the company’s most popular standard plan, which allows you to stream shows on two screens at once in high-definition — will see their monthly rate increase from $7.99 to $9.99, reported Investopedia, citing UBS analysts.
The price hike will bring those subscribers — myself included — in line with what new Netflix customers pay for the same plan.
Netflix announced plans to boost its subscription rates for new customers by $1 or $2 a month back in 2014, but it said it would hold off changing its plan prices for existing subscribers for “at least the next year.”
Since that time, Netflix has bumped the price tag for its most popular plan twice. The monthly rate now is now $9.99, which is what you’ll have to pay if you’re a longtime Netflix subscriber with that plan and you want to continue watching up to two shows at a time in HD.
Not sure if you’ll be impacted by the price hike? You can check your billing page on Netflix. Under “Plan Details,” you should be able to see how long your plan price is guaranteed, according to ABC News.
Netflix told ABC in a statement that subscribers will be informed about changes before they begin rolling out in May.
“Impacted members will be clearly notified by email and within the service so that they have time to decide which plan/price point works best for them.”
Netflix expects that most people will continue paying for their monthly plan, despite the price hike.
“Given these members have been with us at least two years, we expect only slightly elevated churn,” the company said when it reported fourth-quarter earnings in January.
I am one of Netflix’s subscribers who will see a rate hike come May. I plan to continue my service, not because I watch very many shows on Netflix, but because my two kiddos — ages 2 and 5 — love the programs and movie offerings on Netflix.
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