Netflix is reportedly planning to raise its price once the ongoing SAG-AFTRA strke in Hollywood is over. The actors union went on strike earlier this year demanding fair wages for actors and protection against the use of AI to generate an actor’s likeliness without their consent – something that actor Tom Hanks is already quite upset about. The streaming service is apparently planning a price hike a few months after the actors strike concludes.
According to the Wall Street Journal, Netflix is planning to hike the prices of its ad-free plans a few months after the strikes in Hollywood come to an end. The streaming service has already seen numerous price hikes over the last couple of years and it looks like another one might be coming. Unfortunately, it’s not mentioned how drastic these new price increases will be but we should hear some official confirmation at a later date, at least until the strikes end.
The strikes in Hollywood began when the Writers Guild of America began speaking out against the unfair treatment of screenwriters in the industry earlier this year, especially concerning fair wages and the bizarre use of AI to generate scripts. Reports surfaced that studio executives planned to drag out the writers strike as much as possible in order for writers to “go broke” before opening up negotiations.
This prompted a swift response from the actors union SAG-AFTRA which joined the writers on strike, essentially leading to Hollywood shutting down most of its major productions including Deadpool 3, Dune: Part Two and several other projects impacted by the developments. Since then, the WGA has come to an agreement with executives but actors continue to strike as discussions are currently ongoing.
Netflix hasn’t responded to these reports yet but since it surfaced, the streaming service’s share prices have gone up by almost 3%.
Source: Wall Street Journal