Tech giant Google will be increasing its YouTube TV subscription price to US$73 per month from US$65 per month from April, according to an official tweet by the platform.
The tweet explained that as content costs rise, it is necessary to continue investing in the quality of services and to keep updating prices to bring users the best possible service.
It added that the updated price will continue to include over 100 channels, a DVR with unlimited storage, up to six accounts per household, and three concurrent streams.
"New members will see this new price today, while existing members will see this pricing change beginning 4/18," it wrote in its tweet. It added that it will also lower the price of its 4K Plus add-on from $19.99 per month to $9.99 a month.
The Twitter thread by the company concluded by thanking its members and reiterating that it is committed to offering a premium way for consumers to stream TV but that it understands that the price may not work for everyone.
MARKETING-INTERACTIVE has reached out for a statement.
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The price hike comes as competing online streaming services such as Disney and Apple raise their own subscription fees. Recently, Disney Plus said it will raise its monthly subscription fee to US10.99 in December last year. This was a US$3 increase. Furthermore, it announced that an ad-supported tier will be added and priced at US$7.99, according to a statement on its site. Similarly, Apple TV+ increased its monthly and annual subscription fees to US$6.99 and US$69 which is an increase of US$2 and US$10 respectively, according to media reports.
Additionally, Netflix launched its US$6.99 per month ad-supported plan, Basic with Ads, on 3 November 2022. The new plan includes an average of four to five minutes of commercials each hour and the inability to download titles. There is also a limited number of movies and TV shows that won’t be available due to licensing restrictions, which Netflix is currently working on. At launch, commercials were at 15 or 30 seconds in length and played before and during shows and films. Netflix’s current plans and members were not impacted.
The news comes shortly after Google reported advertising revenues of US$59.04 billion, a slowdown from US$61.24 billion in the year-earlier quarter, while YouTube saw in an approximate 8% drop bringing in US$7.96 billion in the last quarter.
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