Rising prices are just a part of life, and while people generally grumble and threaten to leave when increases happen (as seen with YouTube TV’s recent price hike), most customers tend to keep paying whatever the new price is.
But if a recent study from analytics firm Cowen & Co holds true, the current king of streaming could raise prices even further and most people wouldn’t complain.
When current Netflix customers were asked how they felt about the price they were paying monthly, the overwhelming majority were satisfied and 55% said they’d be willing to pay more. That’s up from 47% who said the same thing in December of 2019.
If you consider the “heavy streamers” group, of those who watch at least seven hours of Netflix a week, the percentage of people that said they’d pay more rises to 60% – up from 52%.
It’s worth noting that this data comes from May 2020, well into the current coronavirus pandemic that’s led to financial troubles for tens of millions of people across the nation.
Even though COVID-19 caused a sputtering economy, it certainly led to an increase in streaming consumption. And it seems like the past few months made people realize just how much streaming is an essential service, especially compared to the ever-rising price tag on the cable side of things.
There aren’t even any rumors of an increase in Netflix’s pricing though (“we’re not even thinking about price increases,” said company CPO Greg Peters in April), and since the company’s position on top was made even stronger by coronavirus, maybe subscribers will reap the benefit.
This study was conducted in May of 2020 among 2,500 US consumers.
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