Comcast plans to hike subscription prices in January, the latest company on a long list of pay TV and internet service providers to announce hikes.
The company, which serves roughly 32.2 million users, did not specify the exact amount of the increase on its website but said that the increase will vary according to factors such as a customer’s location or type of cable package. It adds that customers were notified of the change by letter but it did not list the exact amount of the price increases on its FAQs section announcing the hike.
According to a December 6 Bloomberg report, the hike will be 3% and it will add to the average $129 monthly pay TV subscription charge, and add $3 per month to its internet-only service.
“Rising programming costs continue to drive the highest increase in customers’ bills," a Comcast spokesperson told Kiplinger. “We’re working hard to manage these costs for our customers while investing in our broadband network to provide the best, most reliable internet service in the country and to give our customers more low-cost choices in video and connectivity so they can find a package that fits their lifestyle and budget.”
Both cord cutters and cable subscribers have felt the strain of rising prices on their wallets this year with some dropping plans.
According to an October 26 Reuters report, Comcast lost 18,000 broadband subscribers in the third quarter of 2023 and expects even more of these subscribers to walk away this quarter.
Bundling options grow
But it’s not all bad news for consumers. Bundles, or offers that combine streaming with cable TV, are predicted to increase in 2024, so there may soon be more ways to save.
Recent examples include Verizon's recently announced partnership with Netflix and Warner Bros. Discovery to offer an ad supported Netflix and Max streaming bundle for $10 per month.
Also, Apple and Paramount Global are rumored to be in talks to bundle their Apple TV+ and Paramount+ streaming services at a price point that would be less than if customers subscribed to both services separately, according to a December 1 Wall Street Journal report.
The push toward bundling comes as major streaming services continue to raise prices. These include Apple, which boosted Apple TV prices across both its streaming and video game services in October. Disney plus announced similar hikes for its streaming platform in August. Netflix recently had its second price hike in two years and Discovery Plus upped its ad-free services. Amazon Prime also recently announced that it plans to roll out ads in 2024 to its streaming services, unless customers opt to pay an extra $2.99 per month.
As the cost of consuming entertainment continues to rise, there are other ways to try and save, too. You may consider seeking out free trials, rotating which services you stay signed up for or switching to a shared subscription.
