Netflix is raising its prices. Boo.
Guys. We have some pretty bad news. But together, we’ll all get through this. It will be OK. IT WILL BE OK.
In an interview with investors last Wednesday, Netflix CEO Reed Hastings announced that Netflix will be gradually raising its prices. But before you burst into tears and/or start sweating profusely, take comfort in these silver linings: first of all, we won’t see any price increase in the next three months. AKA, we’ve got some time to mentally prepare ourselves. Also, the increase will slowly take place over the next decade, so we’ve like, REALLY got some time.
“We want to take it very slow,” Hastings explained in the interview. “Over the next decade, I think we’ll be able to add more content and have more value, and then price that appropriately.”
The oh-so-slow price increase likely comes because of the popularity of Netflix originals. As Inquistr points out, Netflix original series received a whopping 34 Emmy nominations this year — and with its ultra amazing shows like Orange Is The New Black, House Of Cards, Unbreakable Kimmy Schmidt, and Bloodline, it’s no wonder. Netflix naturally wants to continue its incredible success, but with more programming comes more expenses, and funds are needed to keep the fab content a-churnin’.
The slow increase is likely because of a major mistake the company made in the past, according to Cinema Blend‘s Jennifer Rawden:
Makes sense to us. Netflix may also become more aggressive in terms of password sharing, meaning that it will become harder for you to mooch off your friend’s account (or, if you’re the Momma Hen of the group, it will be harder for your friends to mooch off you). The company also wants to “motivate” people to sign up for their HD services. This combined with the price increases could mean some serious moolah for Netflix — and hopefully, more addicting original programming for us.
Though it may take some time, our beloved $7.99-a-month package will eventually become a thing of the past. Though the concept of paying more for streaming makes us sad, if it gives us more badass Netflix originals, hey — we think we can deal.
Image via IMDb