Want to catch the latest NFL game? Then head over to Peacock. Oh, wait! They’re now streaming it over Prime Video. Or maybe you wish to dive into some Spider-Man action. It’s all there on Disney+ except the SpiderVerse movies that are available on Apple TV and Netflix. What are you worrying about, ask your friend’s Netflix password.
Ahh, you’re not a part of their household. Maybe get the ad-supported plan and cancel it after a month. Wait? Did you forget to cancel the subscription? Just prepare a spreadsheet of your subscriptions like the rest of us. This pretty much sums up the state of streaming in 2024.
It Didn’t Use to be That Bad
We live in a time when anything you want to watch is available on demand. That’s all thanks to streaming, but its atmosphere in 2024 has turned this entertainment revolution into a snake that’s eating its own tail. It’s no more a question about what to watch, but where you watch it. As more and more services with their confusing tier of plans keep popping up, spearheaded by studio executives.
But things didn’t use to be like this. In 2008, when Netflix had just started exploring the streaming space, consumers were frustrated with paying an average of $60 per month for cable as per New York Times . At the time, you can stream all the content you could ask for just $8.99 . So for a fraction of the price, you got an à la carte experience. It just worked as a tech product should, and in some cases… even better.
The business soon became a production house, creating its originals and soon, winning an Academy Award in 2014. That’s when other studios started taking streaming seriously. They pulled their shows off of Netflix and greenlit originals. Billions were being burned so they could build their own services. And before you know it, we had a growing pile of streaming services from almost every Hollywood studio. HBO Max (now Max), Peacock, and Paramount+ are to name a few.
The Price of Bingeing
The answer is twofold. Either increase the subscription cost or introduce ads. Why not both? While the cost of subscriptions has steadily inclined, recently it has jumped significantly. Practically any subscription you can name off, however old, has increased its price since launch. Here’s a table to give you a better idea of what their original plan cost, and how much you have to pay now for the same benefits.
But you can only raise prices so much before you lose people’s goodwill. That is why streamers introduced a new ad-supported base plan. Hulu has had an ad-included tier for the longest time that I can recall, and others are following suit. This offers the service’s content library at the lowest possible price, with the downside of having to watch ads sporadically.
Image Credit: Statista
However, that isn’t the end of the tale. This year, we saw platforms hiking fees for their ad-based tiers while introducing more ads simultaneously. Disney+ ad-supported plan went from $7.99 to $9.99 all in the name of serving the best quality content. This trend will continue next year as the competition for your attention grows further. Beyond increasing prices, and serving ads, the streaming industry in 2024 has found another way to maximize its financials.
The End of Streaming Freebies
I mentioned above that streamers are close to hitting a ceiling of users. However, Netflix soon understood that there is a hidden population who also use their services but aren’t paying for them. These are your friends and family members whom you share your account password with. They were already hooked to the platform, the hurdle was how to make them pay for a subscription.
That’s why Netflix took the initiative to crack down on password sharing in 2023. It booted off any freeloaders off of accounts that didn’t match their location. So if you were using your friend’s or colleague’s Netflix account outside their home, you could no longer access it. During my research, I stumbled upon this tweet from Netflix where they encouraged password sharing at one time.
Love is sharing a password. — Netflix (@netflix) March 10, 2017
Live Sports Takes Center Stage
If you want to enjoy the luxury of almost all channels at your disposal, then you can go with YouTube TV. It has a large catalog of sports media and also lets you record them, similar to DVRs. However, it is quite expensive, and recently received a price increase, bringing its monthly cost to $82.99 . So you’re stuck with the same dilemma again of wondering where to watch the content.
We Have Come Full Circle
All the problems I have discussed above added to the confusion of managing multiple streaming services led the industry to join forces and come up with bundles. These allow you to get your favorite subscriptions at an affordable price. Somewhat softens the blow of the rising subscription prices, but doesn’t solve the inherent issue with streaming. However, streaming in 2024 isn’t the wonder tech alternative to cable as it was once thought to be.
We have come full circle, facing more or less the same problems with streaming as our folks did back in 2008 with cable TV. The overbearing cost, the notion of having no other alternative, and the frustrations feel like déjà vu. It’s like a cursed technological prophecy echoed by network and studio executives.
Things are likely to get worse in 2025 with more ad tiers tagged with high prices and password-sharing crackdowns to come. And I know for a fact that cable isn’t making a comeback anytime soon. So buckle up buttercup for the next season of “ How I Lost My Mind and Money to Streaming “, coming to your screen next year.
With over 4 year of experience under the belt, I cover all facets of consumer tech, from smartphones to other consumer electronics, our favorite social media apps, as well as the growing realm of AI and LLMs. As an Apps and AI writer app Beebom, I provide my expertise in all these areas, weaving stories that help you get familiar with the tech around you. But you will find me playing NYT daily puzzles in my free time.
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