YouTube has revealed plans to raise its premium plan prices in the US, starting from August 1, 2023. The monthly plan will go up by $2, costing $13.99 instead of $11.99. Meanwhile, the annual plan will see a $20 increase, now priced at $139.99, up from $119.99.
YouTube justified the price hikes, stating the need to invest in their product and improve the platform for creators and viewers. They also decided to honor long-term subscribers who have been with the service for over five years by offering them three extra months of subscription at the old price.
This increase follows a trend set by other streaming services like Amazon Music, Apple Music, and Tidal, which have also raised prices due to higher licensing costs for music and video content.
The company is optimistic that the added features to YouTube Premium, such as hosting Google Meet sessions to watch videos with others, will help justify the higher price.
However, it remains to be seen how consumers will react to these price changes. YouTube hopes that their loyal user base will understand the necessity for the increase and continue supporting the platform.
YouTube, like other streaming services, faces the challenge of balancing revenue generation with retaining their subscriber base. The competition in the streaming market is intense, with various services vying for consumers’ attention.
Despite the price hikes, YouTube acknowledges that it needs to continue providing quality content and features to keep users engaged and satisfied.
