Streaming prices have ballooned across the board with Netflix the latest platform that will reportedly raise prices as profitability and engagement become top of mind for media companies. However, Netflix did quietly remove its "Basic" $9.99 plan in July - a bid to lure more users to its cheaper, $6.99 ad-based offering. The company last hiked prices in early 2022, bumping its Standard plan to $15.49 from $13.99 and increasing the cost of its Premium plan to $19.99 from $17.99. The leadership changes come as Netflix revamps the company for its next stage of growth with pricing top of mind amid the competitive landscape. Netflix also announced Eunice Kim will be promoted to chief product officer while Elizabeth Stone will serve as chief technology officer. Amy Reinhard, who previously served as VP of studio operations, will succeed Gorman as the new president of advertising. On Tuesday, the company announced an executive shakeup within its advertising unit with Jeremi Gorman, who helped build the ad business from scratch, exiting the company after just over a year in the job. Netflix, the only profitable streaming service on the market, remains the sole platform that hasn't raised prices this year, choosing to focus on revenue initiatives like the crackdown on password sharing and its recently launched ad-supported tier instead. The ad-free version will cost $89.99, up from the prior $82.99. YouTube TV jumped to $72.99 from $64.99 in March while Hulu + Live TV with ads will see prices increase from $69.99 to $76.99 next week. It also raised the prices of its ad-supported tier by $1 to $5.99.Įven cable replacement services like Alphabet's YouTube TV ( GOOGL) and Disney's Hulu + Live TV have seen prices leap from prior levels. In June, Paramount ( PARA) launched its Paramount+ with Showtime streaming offering for $11.99 a month - $2 more than the previous price for a Paramount+ subscription. It was the first time Peacock had raised its streaming prices. Meanwhile Comcast's Peacock ( CMCSA) upped the cost of its ad-supported plan by $1 to $5.99 and its ad-free plan by $2 to $11.99 in August. It's the second time this year that Disney has raised the prices of its plans. 12 as Disney ( DIS) works to narrow its direct-to-consumer losses and reach streaming profitability by the end of its fiscal 2024. The ad-free versions of Disney+, Hulu, and ESPN+ will rise by more than 20% effective Oct. Discovery ( WBD), which raised the priceof its ad-free Max offering earlier this year by $1 to $15.99, announced that it would raise the price of its ad-free Discovery+ streaming platform by $2 to $8.99, effective Tuesday.
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