Culture

Hulu responds to Netflix price hike with a rate cut

Hulu responds to Netflix price hike with a rate cut”

Hulu's most basic ad-supported subscription plan was previously available for $7.99 per month. Now, we have Hulu also making a price change, but in the opposite direction as they have chose to reduce the subscription fee of their lowest price offering.

Hulu often dangled its base subscription plan for $5.99 per month on a promotional basis. Since roughly 90 percent of Hulu users also subscribe to Netflix, Hulu's price cut will help consumers keep their monthly subscription costs for a streaming bundle to around $19 a month. Its basic plan is going up from $8 per month to $9, while the standard plan-Netflix's most popular offering-is jumping from $11 to $13.

One of Hulu's chief competitors, Netflix, did just the opposite recently-it raised the prices of all its plans by a dollar or two per month.

The company's gains in the United States a year ago were actually larger than Netflix's - the latter streamer added about 5.7 million paid domestic subscribers, according to it most recent earnings report.

Hulu now maintains a customer base less than half the size of Netflix's 58 million US-based subscribers. Netflix's last rate hike in October 2017 sent the company stock up 3% for the day, according to CNBC. Unlike Hulu, Netflix has global reach - and with that, about 139 million paid subscribers overall. Shares were down another 1% mid-Wednesday. It is set to become a majority owner in Hulu after its acquisition of Twenty-First Century Fox.

However, Comcast said it does not plan on quickly selling its 30% stake in Hulu, and WarnerMedia still maintains control over 10% of the company.



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