Netflix is set to raise its subscription prices again soon

As if the cost of living crisis wasn't enough, Netflix is gearing up to raise its subscription prices... again.

Last year, Netflix raised the prices across all its subscription plans, bringing the ad-free standard plan to $15.49 and its Premium service to $19.99.

The platform also rolled out an ad-supported plan at $6.99 per month.

And earlier this year, Netflix cracked down on password sharing and started charging an extra $8 per month to users wanting to share their accounts with someone outside their households.

Now, according to a report from The Wall Street Journal, the streaming service will bring in yet another price hike a 'few months' after the Hollywood Writers Guild of America strike ends.

Netflix will reportedly raise the price of its ad-free service in 'several markets globally', starting with the US and Canada, although it has not been confirmed how much or exactly when this will happen.

The company will likely wait until the dual Hollywood writer and actor strikes end before increasing prices - the Writers Guild of America (WGA) confirmed last month it has agreed that the strike, which began on 2 May, will come to an end following a settlement.

Just last week, the WGA began voting on a contract with major Hollywood studios, including Netflix, that could change the world of streaming.

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Under the proposed contract, Netflix, Disney+ and other services will have to share streaming data with the WGA, allowing writers to see how well their content performs.

However, Hollywood actors remain on strike, meaning some productions are still on pause.

Netflix is likely waiting until the end of the strike to raise prices, as hiking up costs when they aren't releasing any new shows isn't a particularly smart move.

Once both actors and writers are back at work, the abundance of new shows and movies to hit the platform can be used to justify the price increase.

Over the past year, the cost of major ad-free streaming services has gone up by about 25 percent as companies look to boost their profits. Netflix is just the latest to raise their prices.

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However, Netflix users aren't too impressed by the news, taking to X - formerly known as Twitter - to express their opinions.

One person wrote: "They gotta make better shows if they wanna do this," while another said: "No wonder why a lot of people use pirated websites nowadays lmao."

And a third added: "I haven’t had Netflix in over 2 years because of the rate hikes. I’ll pass on getting it anytime soon."

UNILAD has contacted Netflix for comment.