Netflix posted a loss in subscribers for the first time in 10 years after news of a recent price increase. The premium version of the service, which can be streamed on as many as 4 devices simultaneously, now costs $19.99/month, a five dollar increase.
The price increase was met with greater than expect pushback from consumers, and they're speaking their mind with their money.
Shares of the streaming service dropped nearly 25%, and there are estimates that the company could end up losing 2 million subscribers by the end of 2022. The new prices, along with reported crackdowns on password-sharing, are really leaving a bad taste in consumers' mouths.
So, in response, Netflix announced that they're planning to roll out ad-supported subscription options that are cheaper, much like their counterparts at other streaming services like Hulu and Peacock.
It's not expected to be available for another year or two, and we're not sure how much cheaper the service would be, but they hope it's a step in the right direction of getting customers back.
Here's the thing though - and this is just my opinion - I find myself watching Netflix a LOT less lately. There are still some strong shows - Stranger Things (which ends after this season), Bridgerton (which has huge ratings), and a handful of others. But by and large I think the content on Hulu and to an extent Peacock is better. And when you compare the prices of those platforms to Netflix, I'm not sure that Netflix is worth what you're paying for it.
Do I like paying twenty bucks a month for Netflix? No. Would I feel better about it if the content was more consistently great? I would. Have you cancelled Netflix? If you did, is it because of the price or because of the content?