Netflix‘s 2024 schedule includes a new season of Bridgerton and Squid Game, the Adam Sandler-in-space movie, and a likely price hike.
“We expect to see rate increases this year,” analysts at UBS Securities wrote in a research note about Netflix, according to Variety. No specifics were given, but when even multi-billion dollar companies like Amazon are raising the cost of streaming service subscriptions, expect others (like Netflix) to follow.
That, along with a ramp-up in revenue from its ad-supported tier, should push the company’s total revenue growth in 2024 to 15 percent, per the analysts’ estimates, compared with 7 percent growth in 2023. Last October, Netflix increased the price of the Basic plan from $9.99 to $11.99 per month in the U.S., and also hiked prices of the tier in the U.K. and France.
During a recent earnings call, Netflix co-CEO Greg Peters told analysts that “we largely put price increases on hold while we were rolling out the paid sharing work because we saw that as a form of substitute price increase.” But, he continued, “now that we’re through that, we’re able to resume our sort of standard approach towards price increases.”
As plans continue to get more expensive, Netflix will have to find new ways to get people to stick around. An Anne Hathaway and Jake Gyllenhaal reunion is a good start.
(Via Variety)