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Popular streaming service will hike prices 22% in December

It took a while for people to cut the cord, any change that seems a little scary always takes time. But once people realized they could get the content they wanted without paying up to a couple of hundred dollars per month for cable, they abandoned ship in droves.

New services like Disney+ have really helped energize the movement. In just the first 24 hours after it was launched Disney+ had more than 10 million subscribers. Tap or click here to find out why people are so excited about it.

Now that millions of people have moved away from expensive cable and satellite subscriptions, they are facing a familiar problem. Companies have been jacking up prices on streaming services of late and one popular platform is about to increase prices by over 20%.

Say it ain’t so!

The first step in cutting the cord is deciding which type of viewer you are. Do you want to watch live TV or are you more of an on-demand kind of person? Most people fall into the live TV category. If you want to find out which streaming service offering live TV is the best choice for you, check out our article and comparison chart here.

If you’re in the live TV category, you probably know it’s been a rough year. DirecTV Now used to be a great deal for subscribers. You could stream over 100 live channels for a very reasonable price. Unfortunately, the name changed to AT&T TV Now and the number of available channels has been cut way down while the price has gone way up.

Now it seems to be Hulu’s turn for price hikes. The company announced that beginning Dec. 18, the monthly base price of Hulu + Live TV will be $54.99. That’s a $10 increase from what customers are paying now.

Related: Disney+ vs Apple TV: Streaming service comparison

The $54.99 plan comes with ads on its on-demand content. If you want to watch Hulu + Live TV and on-demand content without ads, it will be $60.99 per month.

This isn’t the first time Hulu has raised prices this year. In January, it increased its two Live TV plans by $5 and $7.

Is now the right time for streaming services to be raising prices?

The cord cutting trend has been steamrolling along for quite a while now. With so many options in the market, it’s difficult for cable companies to compete. Why spend close to $200 per month on a package loaded with channels you’re never going to watch when you can customize your experience?

According to a study by the Leichtman Research Group (LRG), major cable and satellite providers have been hemorrhaging customers for years now. In 2017 they lost nearly 1.49 million customers. But things have been getting worse.

Related: Guide to cutting the cord – 5 things you need to do

LRG said in 2018, a total of 2.87 million customers left cable or satellite services and switched to streaming services. Even more people have jumped ship this year. Another 2.88 million people dropped their cable or satellite service in just the first half of 2019.

It seems people have finally decided streaming services are the way to go. So, what could stop this trend? It will likely take the rising costs of streaming services to sink this ship. Is that where we’re headed? Only time will tell.

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