If you enjoy streaming content on Netflix, get ready to pay more.

The popular platform is set to raise prices in 2024, Variety reports. It's due to its massive subscribing numbers and overall growth strategy.

John Hodulik, a Netflix UBS analyst, said, “We expect to see rate increases this year.” With ad income also coming in, the 2024 revenue growth should be around 15% compared to 2023's 7% growth.

Another new rate increase for Netflix

Rate increases are nothing new. Last October, the streaming giant raised the price of the Basic plan from $9.99 to $11.99 in the U.S. Additionally, prices went up in the U.K. and France.

Though no specific numbers or dates for the increase have been announced yet, you can prepare now so the news doesn't come as a shock.

Greg Peters, Netflix co-CEO, said last year that it “largely put price increases on hold.” This was due to rolling out the paid-sharing program.

He added, “We will continue to monitor other countries and try and assess…when we've delivered enough additional entertainment value” to “ask [customers] to pay a bit more to keep that positive flywheel going and we can invest in more great films, series and games for those members. So, you know, the summary statement might be, ‘Back to business as usual.'”

In terms of viewing, UBS cited Nielsen data showing a significant increase in viewing. Netflix's share of U.S. TV viewing is up to 7.9% in January 2024, up from 7.7% the prior month.

So, it'll be interesting to see how much of a price increase Netflix will introduce this year. It's bound not to have much of an impact on subscribers dropping off unless it's a crazy massive amount. We can't say we didn't see this coming.