Netflix tipped to raise prices again in 2024 — here’s what we know

A TV with the Netflix logo sits behind a hand holding a remote
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If you’re still adjusting to Netflix’s most recent price hike, don’t get too comfortable as the cost of the streaming service could be set to increase before the end of the year. 

While Netflix itself has not indicated that a price hike is on the horizon, analysts at UBS Securities (reported by Variety) suggest that Netflix will increase the price of its streaming plans in 2024 in order to “accelerate its revenue and earnings growth.” In a research paper released this week, UBS's John Hodulik said, “We expect to see rate increases this year.”

The analyst firm predicts that another price hike would see Netflix’s total revenue increase from 7% in 2023 to around 15% in 2024. This jump would undoubtedly please shareholders, but it makes for less enjoyable reading for the average Netflix viewer who will be lumped with a larger bill each month. 

The last Netflix price increase is likely still relatively fresh in many subscribers' minds. Back in October of 2023, the streamer hiked its Basic plan from $9.99 up to $11.99 a month. The Premium plan also increased, hitting a fairly sizeable $22.99 a month. That price increase represented a 15% rise from its former price of $19.99. 

Similar increases were seen in the U.K. with the Basic tier jumping from £6.99 to £7.99 per month, and Premium increasing by £2 going from £15.99 per month to £17.99. Furthermore, the final quarter of 2023 saw Netflix price hikes in additional regions including France and Australia. 

Netflix's last price increase 'went well'

It’s important to stress that for now, a new Netflix price increase is purely speculative, but if I were a betting man, I’d say the odds of further hikes look relatively strong as Netflix has indicated it didn’t experience significant pushback to its previous increase in late 2023. 

During the company’s most recent investor call, Netflix co-CEO Greg Peters claimed that the most recent price increases “went well” and the results were “better than we forecasted.” This could be an indication that Netflix is feeling bullish when it comes to future price hikes. 

In the same call, Peters also commented on Netflix’s password-sharing crackdown which came into effect last summer. The streaming executive claimed the company viewed it as “a form of substitute price increase” and because of it “largely put price increases on hold” — although as we know, that hold didn’t last long as by October of 2023 prices were increasing. 

Peters also noted that now that the password-sharing crackdown had been rolled out and the company was “completely satisfied” with the results, Netflix would resume its “standard approach towards price increases.” This certainly suggests that a fresh price hike is on the table, but, for now, Netflix has not confirmed an increase. 

Analysis: The increasingly high cost of Netflix 

Netflix continues to be one of the very best streaming services around, offering a large library of binge-worthy TV shows and must-see movies. It’s also the streamer most capable of creating content that captures the cultural zeitgeist and getting social media abuzz with conversation. 

In many households, a Netflix subscription is viewed as an essential utility, but while many subscribers will tolerate another price increase, everybody has a breaking point, and there’s always a possibility that Netflix will eventually hit a tipping point if it keeps pushing up prices.

The company’s streak of canceling well-received shows and focusing on areas that don’t seem to be gaining traction (*cough* gaming *cough*), has also dented Netflix’s reputation in recent years. Yes, the password-sharing crackdown was unpopular. But as I can personally attest, it was effective, and Netflix is now reaping the benefits. 

For Netflix to continue to hold its dominant position in the streaming wars, it will need to carefully balance price increases with delivering quality content that excites subscribers. For now, it seems to be getting that balance right, but it's a difficult tightrope to walk, and further price increases could be a step too far for some. 

Just don’t be surprised if the streamer attempts to pair future price increases with new seasons of its most popular show. Perhaps a fresh price hike will arrive ahead of Stranger Things 5 ….

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Rory Mellon
Entertainment Editor (UK)

Rory is an Entertainment Editor at Tom’s Guide based in the UK. He covers a wide range of topics but with a particular focus on gaming and streaming. When he’s not reviewing the latest games, searching for hidden gems on Netflix, or writing hot takes on new gaming hardware, TV shows and movies, he can be found attending music festivals and getting far too emotionally invested in his favorite football team. 

  • theoldcoot
    Well if that is the case, Netflix has to get rid of the the stuff they put on their steaming service. I am talking about the foreign garbage they try to call entertainment (in Canada). They should also stream Fi, and NASCAR races since they can do documentaries on them.
  • Rufionn
    admin said:
    An analyst firm has tipped Netflix to increase its price after its previous increase and password-sharing crackdown "went well" for the streaming service.

    Netflix tipped to raise prices again in 2024 — here’s what we know : Read more
    I don’t know why people put up with it - - how foolish can they be?!? Don’t they realize they have the POWER - cancel NETFLIX. No, instead they accept the increase and NETFLIX benefits totally. And, realizes they can keep increasing the prices because the subscribers will accept all the abuse they dish out.
    If enough people said no way, watch the price come down ~
  • Jack Griffin MD
    Ditto Amazon...I did not sign up to have most of Amazon Prime be a cacophony of bundled services along with "everything Freevee." One has to scroll way down the list to see actual Prime movies. I'm done with funding Jeff Bazos and his divorce payments along with his percentage of advertising revenues. I'm waiting for the results of the litigation for long term subscribers...and get my measly $30 back watered down amongst 5,000,000 subscribers.
  • Rufionn
    Fantastic ~ its good to see that someone is using their “power”. I’m with you. I’ not paying for Netflix, I’m not paying for Prime without adds. If only others would see that they have the ability to stop these greedy companys.
  • gmk2311
    I agree with the other comments. It's bad enough that they raise prices, but then to add commercials? I started watching streaming to AVOID the commercials! It was worth paying a few bucks to not have commercials THAT was the reason for paid streaming in the first place.
    Hulu hasn't been able to sell subscriptions for their mega ad-laden service for years.
    I've been on one promo after another .99 to $1.99 for years ! Just so you they can claim they have subscribers. I'd never pay more than 1.99 to watch commercials! And really as little as I've watched Hulu in the last year (maybe 5 hrs) it's really not even worth that, except that my brother watches it somestimes as well (maybe another 15 hrs a year). And then they want to crack down on sharing?? OK,
    bye !
    Same with D+ the first year I watched a lot. Now, new content trickles out so slowly, most of which I'm no longer even interested in...After ruining Marvel and setting out to consciously destroy the Star Wars franchise as well, it's another service not worth more than $1/mo (with ads) which is about what we're paying.
    We cancelled Disney for 8 months when they went from $7 to $9/mo. Then they immediately went to $10/mo. So we cancelled again. Then got a promo a month later at Thanksgiving. For the 5 hrs a year watching new content on Disney , it's probably not even worth $1/mo either.
    When prime and all the premium streaming services become just another Pluto or Tubi but want you to pay,
    It's time to move on.
    I have also recently re-discovered that I can watch shows with commercials for free on OTA channels as well.😂