Netflix has been the go-to entertainment source for millions across the world. The leading American service provider brought a revolution among entertainment seekers, urging them to cut their cords and switch to streaming services. Although several competing streaming services are now on the scene, Netflix will always remain the OG of OTT platforms. Despite achieving so much recognition all over the world, the OTT giant had its fair share of struggles and criticism.  

2023 has been a tough year for Netflix, as it saw a decline in subscribers for its cost-cutting strategies. The Hollywood strikes made things even worse. However, it seems like the streaming giant is back on its feet.

Netflix gained a massive subscriber base despite the financial hit

As per The Hollywood Reporter, Netflix had a surge of 9 million new subscribers on its platform. This helped the company rake in a profit revenue of $8.5 billion and an operating income of $1.7 billion. In the last quarter, the company attracted a user base of 5.9 million, which is much less than the current subscriber growth. And the credit for this goes to the money-saving strategies that the company has been implementing for quite some time. 

Owing to these measures, Netflix faced the wrath of angry streamers. At first, the OTT service provider cracked down on users sharing passwords and then kept hiking its membership rates. These strategies put a weight on its users’ pockets, resulting in an outrage on social media platforms. And after the success of its cost-cutting strategies, Netflix might be on the way to disappoint its subscribers with another price hike. 

A recent update confirmed that Netflix will be increasing its subscription price.

The OTT giant may introduce another price hike

A few days back, a report from Reuters confirmed the upcoming price hike measure, which will take form as soon as the strikes are over and the third-quarter reports come out. It also suggested that the password-sharing curb resulted in a massive gain of six million subscribers in the third quarter. This report came out just a few days after The Wall Street Journal shared another update about the potential price hike of its ad-free subscription service. 

Despite the promise of CEO Spencer Neumann, who claimed that there would not be any price hikes for a year, the OTT giant is still looking out for ways to make a profit. These updates infuriated the streamers, and they took to social media to express their disappointment with the platform. As for now, only time will tell if the upcoming subscription model will prove advantageous or detrimental to the OTT giant. 

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