The era of affordable streaming services may be coming to an end as prices continue to rise for popular platforms like Amazon Prime Video, Netflix, Hulu, and HBO Max. According to research by Deloitte, households that subscribe to multiple streaming services may now end up paying as much as a traditional cable subscription.
In the past year alone, prices for streaming services have seen significant increases. Amazon Prime Video now costs $12 a month, up from $9; Netflix’s premium plan for four devices is now $23 a month, up from $20; Disney’s Hulu service increased to $18 a month, from $15; and HBO Max now costs $16 a month, up from $15. If a household subscribes to all these services, they could be paying around $70 a month, similar to a basic cable package.
Furthermore, changes on the horizon suggest that prices for streaming services may continue to rise. Disney recently announced plans to crack down on password sharing, while Netflix shareholders were advised to expect more price increases in the future.
Despite the potential cost savings and flexibility that streaming services offer compared to cable bundles, managing subscriptions can be challenging. Companies often make it difficult to unsubscribe, with some requiring phone calls or failing to send reminders about upcoming payments.
To combat this, experts recommend creating a reminder system to track subscription renewals and consider paying through third-party platforms like Apple or PayPal, which provide monthly payment receipts. Some individuals take a proactive approach by canceling subscriptions immediately after signing up, giving them more control over the billing process.
Ultimately, the key is to be mindful of subscription costs and actively manage them to avoid overspending on streaming services. By creating reminders and taking a thoughtful approach to canceling subscriptions, consumers can regain control over their entertainment expenses in an increasingly pricey streaming landscape.
