HomeInformationWhy Netflix's Price Increase Won't Hurt Its Subscriber Growth

Why Netflix’s Price Increase Won’t Hurt Its Subscriber Growth

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In 2017, Netflix had confirmed a hike in price for its service. The online DVD rental service plus streaming service plus production house has been the talk of the town for quite some time. Usually, when there is a price hike, there are complaints and hate towards the service. But in a world where inflation consistently increases, businesses must adjust accordingly.

Sometimes a price hike does not always mean that corporations are looking to earn more. It might simply mean that the future value addition of the company would require a little price hike. When you get true value for money, that is when you can accept paying more. That’s the case in Netflix.

The world of Netflix has so much to offer, not to mention the fact that you can use VPN to watch Netflix abroad. It was recorded at the start of the pandemic that over 15.8 million new subscribers came to Netflix, and we’re confident this number will grow irrespective of the price hike. Here are some reasons why Netflix’s price increase won’t hurt its subscriber growth.

An ever-growing library

It is estimated that Netflix has over 16,000+ content available for its users. They also have a habit of dropping a few shows only to make room for new releases. For example, some great features like Inception, Goodfellas, Glee, Safehouse, etc., left Netflix a while back. We’re already seeing new releases like Red Notice, The Harder They Fall, The Nightingale, and many more in November.

Not only does Netflix stream movies and TV shows, but it has also slowly ventured into another type of streaming experience called “Netflix Interactive Specials.” These are features in which the viewer can choose the plot of the journey as the movie goes along.

This is a great combination of streaming movies and a role-playing perspective. Users get to watch new endings with newer choices they pick during the process. As I said, it is slowly making progress and will soon be on everyone’s watchlist.

A production house of their own

In 1998, Netflix was an online DVD rental service. It later became a streaming service. It is now also a production house that has bought shows like The Queen’s Gambit, Extraction, Bird Box, Murder Mystery, and many more. We saw many of these names overpower our watchlist during the pandemic and made us binge-watch it all.

Number of Netflix paying streaming subscribers worldwide in the 3rd quarter 2021, by region (in millions)
Image: Statista

These productions have gone on to receive greater awards and recognitions. In 2018, a Netflix production by the name of Roma received 3 Oscars and over 200+ nominations. Netflix productions have stolen our hearts, and they justify every penny spent or raised.

Even looking at what’s about to be released soon on Netflix makes the person want to buy Netflix just to stream such features.

Accessibility and convenience

One of the reasons Netflix thrived during the pandemic was because it bought entertainment to the comfort of our home. At a time when lockdowns and restrictions barred us from the many fun things to do, Netflix came on top as the entertainment king. It did so by being accessible and convenient.

By being accessible, we mean that it was compatible with every device in the house, be it a smartphone, gaming console, Smart TV, laptop, etc. Each device also had specific features. For example, the Netflix app had an offline download feature.

Related article: Netflix and Amazon Raise the Bar for Online Video

The Netflix website had a watch party feature. When a TV show was released on Netflix, the entire season was published in one go (not the case with all shows but a majority). This replaced the TV aspect of Netflix. Instead of waiting a whole week for a new episode, people binge-watched the entire thing in one go.

By being convenient, we mean that it has a smart user interface optimized for every device. Its recommendation system is top-notch and cuts down your decision-making time. We’re predicting that future smartphones and devices will have Netflix pre-installed (we see this already happening in some smart TVs). This is the accessibility and convenience that people would gladly pay top dollar for.

Secret codes and greater library access

There’s nothing secret about the secret codes because it’s been out for quite some time. But it is a great way to find hidden and exclusive shows on Netflix. There are secret codes that, when searched on Netflix, show you movies and shows of a specific genre and sub-genre.

For example, you can write 12339 for Baseball Movies or 1365 for Action & Adventure. There are many movies that you did not know were even on Netflix that you can discover through secret codes. I know we already talked about library access, but the word ‘greater’ implies something else. You should know that some of Netflix’s content is geo-restricted.

US Netflix differs from Dutch Netflix and Canadian Netflix and vice versa. This geo-restriction can be bypassed using a Virtual Private Network (VPN). Like that, you can access a library of all the best releases globally. Just change your location through the VPN and watch exclusive stuff on Netflix.

Conclusion

As you can see, Netflix continues to be a game-changer in the market. Even after the price hike, it is delivering an unimaginable level of value. With amazing productions in the pipeline and new features to roll out soon, Netflix is worth every penny.


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Photo credit: The feature image has been done by Jorge Eduardo. The infographic is owned by Statista.

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