Once seen as a cheaper alternative to cable, several streaming platforms keep raising their prices.
Amazon Prime, Disney+, HBO Max, Hulu, and Netflix are all raising their rates as they gain more market share with more people joining the cut-the-cord movement.
Amazon is raising the price of Amazon Prime to $139 a year from $119.
Netflix is upping the cost by $1 or $2 per month with its basic plan up to $15.50 from $14 and its premium plan going to $20 from $18 per month.
Netflix told its customers it was a “price update.”
The price has been steadily updated in recent years, jumping from $11 a month to $13 in 2019 and then to $14 in 2020.
Because shows are often featured on one platform exclusively, customers often opt for multiple subscriptions.
“Services really see content as their weapon to ensure people subscribe and stay subscribed in this dog-eat-dog environment,” entertainment analyst Paul Erickson told CBS News.
Despite the price increases, customers still appear to be getting good value for their money, especially as the services continue to add more live sports, according to Mr. Erickson.
“You’ve selected a lot of this content and these services — and what you’re getting for that money, it’s more relevant to you,” Mr. Erickson said. “And that’s the important part.”
He said that the price hikes would likely continue until people “start leaving the service or stop subscribing.”
