Netflix Set to Find New Ways to Earn Money, Following Actors’ Strike, and Fans Are Furious

Published 10/04/2023, 10:53 AM EDT

via Imago

From a DVD rental service provider to becoming a $166 billion worth streaming platform, Netflix has come a long way. While it served as a hub for numerous fan-loved movies and shows that led to people cutting their cords, it had its fair share of criticism as well. The OTT giant has been a subject of controversies for consumer-related, corporate, and artistic issues. One of its primary points of criticism is the continual rise in subscription rates over the years. 

Since the year 2019, the streaming giant has gradually raised its rates dollar by dollar. It also took several measures to put an end to the practice of password sharing. Last year, the price for the basic plan went up from a dollar to $9.99, the Standard plan from $1.50 to $15.49, and the premium plan from $2 to $19.99. Despite the frequent rate escalations, the streaming platform will once again weigh on the budget of its streamers, according to The Wall Street Journal report. 

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In July, Netflix CFO Spencer Neumann declared that the Netflix price hikes would be on pause for one year after the implementation of the paid-sharing program. However, as per an anonymous source, Netflix will increase the rate of its ad-free subscription following the conclusion of the SAG-AFTRA strikes. The streaming platform will reportedly introduce these hikes in the USA and Canada before implementing them globally. 

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This report did not sit well with the Netflix streamers, who were already upset with the platform for various other reasons. They immediately took to social media platforms, expressing their dissatisfaction with Netflix.

Netflix could be on the brink of losing its customer base

Ever since the news about a further hike in membership rates surfaced, the OTT giant has been catching major heat from its subscribers. Users are now apparently contemplating canceling their membership, and some have already taken the step. This response was similar to the time when Netflix canceled Warrior Nun despite having two successful seasons. Stirring up backlash one more time, there is a possibility that this decision might backfire on the OTT giant.  

There were many users who pointed out that this decision would lead to an increase in the culture of online piracy. They shared that many of the subscribers have already taken their departure from the platform and have been enjoying the same shows and movies with the help of piracy. 

There were also many users who made a plea for bringing back cable and boycotting the streaming platforms. Some even predicted that this would mark the downfall of the multi-billion dollar company. 

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Fans also talked about how Netflix has not been delivering quality content to make sense of its expensive rates. The platform has been on a roll to delete fan-favorite movies from its library, giving users more reasons to cancel their subscriptions. 

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What do you think about the hike in Netflix subscription rates? Let us know your thoughts in the comments below.

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Hriddhi Maitra

792 articles

Hriddhi Maitra is a Hollywood News reporter at Netflix Junkie. An enthusiastic movie buff, Hriddhi found her true calling when she worked as a Cinema Content Writer at My Cinema Story while analyzing movies objectively, and offering constructive feedback. Coming from a background where she worked in different niches like finance, food, travel, medicines, automobile, and entertainment, we can safely say she is a jack of all trades.

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