Discovery+ announces price hike, Netflix may follow suit

If you have multiple streaming entertainment subscriptions, we recommend checking your monthly bill immediately. One streaming service has confirmed that one of its subscription tiers will increase prices for customers in November, while another service may consider raising prices soon.

On October 3, the Discovery+ streaming service announced that it would increase the price of its ad-free monthly subscription from $6.99 to $8.99 (excluding tax). The new prices will go into effect starting November 2nd on your November billing cycle and will apply to new and existing customers.

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However, the company’s Ad-Lite monthly subscription price remains at $4.99.

“This is the first time Discovery+ has increased the price of its monthly subscription in these markets since its launch in January 2021,” the company said in a press release. “This allows us to continue to bring you must-see stories in genres like food, home, relationships, true crime and the paranormal.”

Meanwhile, Netflix may be planning to increase the price of its ad-free subscription slots. The Wall Street Journal reported that the company is considering implementing price increases in the months after the Hollywood actors’ strike ends.

At this point, it’s unclear exactly when the price increase will occur or how much more Netflix plans to charge for ad-free streaming. The standard ad-free Netflix experience currently costs $15.49 per month.

More information: Disney increases prices for Disney+ and Hulu streaming services

Netflix has not confirmed any internal discussions or potential price increases.

This will be the first price increase for Netflix since January 2022. The company said there was another change that year. In November 2022, we started offering an ad-supported subscription for $7 per month.

Netflix and Discovery+ aren’t the only streaming services to increase prices in the past 12 months. All major streaming services, including Apple TV, Disney Bundle (Disney+, Hulu, ESPN+), HBO Max (now Max), Paramount+, and Peacock, will increase the prices they charge customers for various services in 2023 I am. The average ad-free streaming service price increase jumped about 25%, according to the magazine.

The impact of two strikes in Hollywood (writers and actors) and the scramble to increase the profitability of streaming services appear to be the driving forces behind the price hike. Keeping streaming libraries current and diverse is costly for streaming companies.

“We need new content all the time,” business analyst Michael Nathanson told the Journal in 2022.[streaming services] We need two big, great theatrical movies every quarter to really feel like it’s worth it. ”

What do you think about streaming service price increases? Is it worth it?

This story originally appeared on Don’t Waste Your Money.