With everything from food to retail costing an arm and a leg these days, some of us take comfort in the fact that we can simply entertain ourselves by staying at home with a computer and a good internet connection.
But, we are still going to end up forking out even more money.
I guess it is not enough that our GST prices have to increase by 1% this year, because now we have to pay higher prices to watch our favorite television series and movies on Netflix as well.
Increase in Netflix Prices Already Implemented in the US
In October 2023, Netflix’s decision to restrict password sharing seems to have yielded positive results, with paid memberships reaching 247.15 million, marking a notable 10% yearly surge.
In the third quarter, paid net subscriber additions surged by 8.76 million, the highest spike in the past year.
Even then, Netflix had decided to roll out price increases across all subscription methods in the US.
Specifically, Netflix increased the cost of its Basic plan by US$2, rising from US$9.99 to US$11.99, while Premium subscribers will experience a larger increase of US$3, jumping from US$19.99 to US$22.99.
Netflix wrote in its earnings report. “Our starting price is extremely competitive with other streamers and at US$6.99 per month in the US, for example, it’s much less than the average price of a single movie ticket.”
At that time, there were no official plans or confirmations that Singapore would be affected by a price hike. But the increase in subscription costs had unknowingly crept up on us and sank its unrelenting claws into Singaporean subscribers’ throats.
Breakdown of Price Increase
Therefore, if you’re planning to subscribe to Netflix to watch the new live action adaptation of Avatar: The Last Airbender, here are the prices you need to shell out:
- Basic: from S$12.98 to S$13.98
- Standard: from S$17.48 to S$19.98
- Premium: from S$21.98 to S$25.98
For existing subscribers, the prices will be immediately effective upon the next monthly billing.
Similar to the US price hike, Singaporean Premium subscribers get hit the hardest.
Singapore isn’t the only country experiencing a price hike in Netflix subscriptions. In Turkey, for instance, subscribers experienced two fee increases within four months.
Netflix’s communications suggest that these “strategic adjustments” are part of an ongoing trend rather than isolated incidents.
With the many upcoming high-budget projects produced by Netflix, the price hike is attributed to the necessity of continuously investing in content and technological improvements.
The company emphasizes that in order to sustain and enhance service quality, they would need to have continuous financial support, hence the increase.
Even though the increase in prices are going to make us “heart-pain” every month, there is still admittedly some allure of its extensive content library and quality original productions that kind of make everything worth the cost.
It is admittedly a ballsy move at the end of the day, and whether or not Netflix is able to retain its high subscriber count in the long run remains to be seen.
For now, I’ve waited 14 years for a GOOD live-action adaptation of ATLA, and the price increase of a few dollars is not going to stop me from indulging my inner child, and simultaneously enjoy Dadd- I mean, Daniel Dae Kim. Yip yip!