Will Streaming Service Prices Continue to Increase in 2024?

Lately, it feels like the cost of everything has become more expensive. When the price of goods and services rises, it impacts your bank account. Minor price changes may not feel like a big deal, but when you add up every price increase over the last couple of years, you realize how much more you're spending. Every increase can make your credit card bill more expensive.

Several streaming service companies have increased their prices over the last few years. Subscribers have had to decide whether to keep these services and pay higher prices, downgrade to a cheaper plan, or cancel their subscriptions to save money. Keep reading to find out whether streaming service prices could continue to increase in 2024.

The following streaming platforms increased prices in 2023

Unfortunately, price increases are now the norm, especially for streaming services. Every few months, another company announces an upcoming price increase. This year alone, several streaming services hiked their subscription prices as a way to boost their profits. Here are a few examples.

Spotify

Earlier this summer, Spotify premium plan prices went up. Premium users now pay an additional $1 to $2 monthly, depending on their plan. Luckily, prices remain affordable, especially compared to other popular streaming services.

The most expensive plan that Spotify offers is Family Premium, which allows up to six household members to stream music without advertisements. This plan costs $16.99 per month -- $1 more than before. Since six users can share the plan, that's a reasonable price.

Netflix

Just last month, Netflix increased prices for two of its streaming plans. The ad-free Basic plan now costs $11.99 per month instead of $9.99. This plan is no longer available to new subscribers, but some users still have this plan. The ad-free Premium plan also has a higher price. Users now pay $22.99 per month instead of $19.99 per month.

Hulu

Hulu also made pricing changes recently. As of Oct. 12, Hulu's ad-free plan costs $17.99 monthly, a $3 increase. The Hulu with Live TV plan also costs more. Users now pay $76.99 per month -- a $7 increase from earlier this year. A Hulu with Live TV without ads subscription also costs more. The $7 per month price hike results in an $89.99 monthly subscription price.

Streaming app prices could continue to rise

Based on what we saw this year, streaming service prices could continue to rise. Of course, we don't know how soon that will happen or which might be impacted by price changes. If you're a subscriber, you should know that prices can change anytime and with short notice.

Before another one of your favorite services hikes prices again, consider the maximum amount of money you're willing and able to pay for services like this. This way, if a price increase happens, you'll know what action to take immediately.

If your budget is already tight, it may make sense to cancel some services to free up some of your cash for other expenses. If you need help monitoring your spending and want to improve your budgeting skills, check out our list of the best budgeting apps.

We'll have to wait and see if streaming services become more costly. For now, all we can do is make careful spending decisions with our finances in mind. For additional money tips, check out our personal finance resources.