Netflix users have flocked to social media to express their disappointment and frustration with the streaming giant's latest price hike.
Over the weekend, it emerged that Netflix is raising prices across all plans in the US. The standard plan will rise to $15.50 per month from $14, while the 4K plan is shooting up to $20 per month from $18. Even the basic plan is going up from $9 to $10 per month. Prices are also rising in Canada, though the UK and Europe are currently unaffected.
These price changes are set to come into effect immediately for any new subscribers. Existing customers will see the changes "gradually" rolled out, and Netflix will email members 30 days before the prices increases to remind them.
This is the sixth time Netflix has raised its prices in the US since 2014, when the streaming service originally upped its standard plan to $8.99 from $7.99. The company was so concerned about losing subscribers over that $1 increase at the time that it allowed existing customers keep their prices for two years. That will not be happening again.
The news has led to a predictable backlash on social media, with many users sharing their anger at the near-annual increase in pricing.
"The almost yearly Netflix price hike is happening again," Brian Tong wrote on Twitter. "They're just gonna keep pushing it every year until we all say F* You! What's the threshold? Once it hits over $25? So about 2-3 more years?"
"The latest big price hike at Netflix is going to test just how inelastic demand for the service actually is. I no longer feel like I'm getting my money's worth," added Dan Gilmoor. "Maybe best to drop, and sign up for a month now and again to catch up on must-see items. A lot of other choices now."
“We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” a Netflix rep said in a statement. “We’re updating our prices so that we can continue to offer a wide variety of quality entertainment options. As always we offer a range of plans so members can pick a price that works for their budget.”
Featured Image Credit: NetflixTopics: Netflix, TV And Film