Streaming services have become a standard way of consuming content all over the world. It allows you to access thousands of titles and exclusive content, all while having full control over when you would watch them. With the constant price hikes, however, people are starting to wonder if it's worth it.
$60 a Month is a Lot
When you are subscribed to more than one streaming service, you might find yourself paying $60 a month to keep them all. There's only so much a consumer is willing to pay before they decide to unsubscribe, and many Americans are close to doing just that.
A study was conducted with 3,500 US users regarding the continuous price hikes from streaming services, and about half of the respondents said that they would start canceling their subscriptions if the monthly charge went up by another $5, as per Gizmodo.
"This year's Digital Media Trends shows that U.S. households are spending more on streaming video subscriptions, but they may be reaching their limits," a report says. The impending outrage over price hikes is justified, seeing as Americans are now spending 27% more than last year.
It's also no surprise seeing as most streaming services have issued price increases over the past year, including Netflix, Disney+, and Max. There are also those who started placing ads on basic plans, forcing others to opt for the more expensive plan to avoid them.
Streaming services were seen as a cheaper way to consume content, given that cable packages like Xfinity, Spectrum, and Optimum can go as high as $50 to $85 a month. With the soaring prices of streaming sites, that might not be the case any longer.
Cord cutters might just return to cable if it's the cheaper option, especially if they don't use the streaming service often anyway. Either that or consumers would just cancel other plans and stick to one service to save on monthly charges.
Users also complained that the algorithm for the service is not getting better. Instead of finding new content to watch through the site, around 50% of younger viewers find interesting titles through social media instead.
Price Increases In the Past Year
Netflix has one of the most expensive Premium plans out there, with it costing $22.99 monthly, up from $19.99. On top of that, the streaming giant also removed the Basic plan option for new subscribers, with the cheapest now being Standard with Ads.
Disney also raised its prices in the past year. The monthly fee for the plan with no ads is now $13.99, which is $3 more than the previous price. People have complained that within four years, the subscription price has more than doubled.
And then there's Amazon Prime Video. The price stays the same, but users will have to watch ads in order to retain that price, as per CNET. If users choose to, they can always just pay extra to avoid them, which will cost an additional $3 per month.
