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Chronicles

The story behind the story

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Netflix feels comfortable raising prices knowing customers can downgrade to its ad tier; in 2026, Netflix is on track to double 2025's $1.5B+ in ad sales

The most popular Netflix plan will now cost $20 a month — a 150% increase from 2013  —  Good afternoon from Los Angeles and happy baseball season to those of you who celebrate.

Bloomberg Lucas Shaw

Context & Ripple Effects

Netflix’s latest increase extends a long-running price-reset cycle: its popular plan was raised to $10 for new customers in 2015, and the company made further US increases in 2023 and 2025. The recent US price changes across both ad-free and ad-supported plans show that the ad tier is not merely a low-price acquisition product; it is part of the company’s ongoing tier structure.

The key change in this arc is that a lower-priced, ad-supported option gives Netflix a place to retain price-sensitive households when ad-free pricing rises. With 2026 ad sales reportedly tracking toward roughly twice 2025’s more-than-$1.5 billion level, downgrades can produce advertising inventory as well as subscription revenue.

First-order effects

  • Ad-free Netflix customers face a higher monthly bill and can respond by paying more, changing plans, or moving to the ad-supported tier; Netflix preserves a lower-cost retention path while lifting the price ceiling.
  • A larger ad-tier audience would expand Netflix’s sellable ad inventory, supporting the reported acceleration in advertising sales.

Second-order effects

  • Netflix can tolerate some cannibalization of ad-free subscriptions if lower-tier retention and advertising revenue offset it—a sharper version of the 2025 increase that also raised the ad plan’s price.
  • Other subscription video services with ad tiers will face a clearer pricing benchmark: a low-cost ad plan can function as an off-ramp from premium tiers rather than simply a discount product.

Third-order effects

  • If this model continues to work, streaming pricing may increasingly be organized around managed migration between premium and ad-supported tiers, rather than a binary choice between subscription growth and churn.
  • The longer-term trade-off is visible in Netflix’s earlier premium-price increases: platforms can raise average revenue while making ad delivery, measurement, and advertiser demand more central to the subscription business.

The trend: Streaming services are turning ad-supported plans into a revenue-and-retention buffer that makes repeated ad-free price increases more sustainable.

Discussion

  • @lucas_shaw Lucas Shaw on x
    Netflix has increased its prices by 150% since 2013. The price increases will continue until customers tell the company to stop. https://www.bloomberg.com/...
  • @lucas_shaw Lucas Shaw on x
    The cost of Netflix has grown more slowly than its peers and its programming budget. [image]
  • @lucas_shaw Lucas Shaw on x
    The cost of Netflix has risen at a much faster pace than inflation. [image]
  • @tim_bays Tim Baysinger on x
    The irony that it became easier for Netflix to justify a price increase after they walked away from the Warner Bros deal