Netflix is considering boosting pricing after the current actors’ strike ends, but this could persuade consumers to abandon the streaming service entirely. According to a new analysis by CivicScience, such a change could result in a major loss of members for the site.
CivicScience, an opinion research firm, polled current and prospective Netflix subscribers. According to the survey, 39% of those on the ad-free tier would contemplate canceling their account if the price increased, while 31% would consider subscribing to Netflix Standard with Ads. 29% of those contemplating signing up would still choose the ad-free plan.
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When only the ad-free plan accounts were considered, 35% indicated they would quit completely, 48% said they would keep their existing subscription, and 17% said they would switch to an ad-supported plan.
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The findings show how cost is a major consideration for many households when determining which streaming services to maintain and which to cancel, especially in light of growing pricing everywhere else. As a result, people are reducing their use of premium accounts. This year, the number of households with four or more subscriptions has decreased. According to CivicScience, 33% of consumers want to or have cut their streaming expenses, a 5% increase since January.
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“Similar to prior years in which they instituted a price increase, [Netflix] would not do so without careful analysis in order to limit church,” Wedbush Securities Analyst Alicia Reese told IndieWire. “If Netflix’s research shows that they will lose one-third of their premium subscribers on a $1 monthly price increase, they would be unlikely to implement the price increase.”
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Another aspect that influences consumers is the availability of material. Because of the Hollywood strikes, more people are having difficulty finding films and programmes to watch. According to CivicScience, 29% of streamers are uninterested in the available content, up from 24% in April. A price increase, according to more than a third of those considering cancellation, would send them over the edge because they are running out of stuff to watch. Less than a quarter of customers on the ad-free plan said they would keep their current subscription if the price went up.
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“Our pricing philosophy has not changed, which is that we have to add more value to the consumer,” Netflix co-CEO Ted Sarandos stated on October 12 at the Bloomberg Screentime event, according to IndieWire. “And then we come back and ask them to pay a little bit more for it if they agree.”
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Netflix Basic costs $9.99, Standard Ad-Free costs $15.49, and Ad-Free costs $6.99. The streamer hasn’t said how much each plan will cost after the price increase.
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