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.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
“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.
RELATED CONTENT
-
Stock Market Today: Stocks Rally Despite Rising Geopolitical TensionThe main indexes were mixed on Tuesday but closed well off their lows after an early flight to safety.
-
What's at Stake for Alphabet as DOJ Eyes Google's ChromeAlphabet is higher Tuesday even as antitrust officials at the DOJ support forcing Google to sell its popular web browser. Here's what you need to know.
-
Visa, Mastercard's Swipe Fee Settlement Might Save You Money, For NowThe limited-time agreement directly benefits merchants, which can potentially pass savings on to consumers.
-
New List Out On Medicare Part B Drugs Eligible for RebatesSome Medicare beneficiaries may pay lower coinsurance rates from April 1 to June 30 for the drugs, HHS says.
-
Use An iPhone? You May Be Hearing From A Class-Action Lawsuit GroupA handful of suits against the iPhone maker seek to crack down on everything from app store purchases to messaging.
-
Capital One/Discover: What's In Their Wallet For You?Push back on Capital One's planned merger with Discover is growing with one group of consumer advocates calling for a public hearing.
-
Lawmakers: Nix Social Security Offsets For Seniors In Student Loan DefaultOffsetting Social Security benefits to pay for defaulted student loans can be devastating for some beneficiaries, lawmakers say.
-
Stellantis Recalls 285K Vehicles Over Airbag ProblemsDefective airbag inflators on certain Chrysler and Dodge vehicles could rupture and cause injury or death, NHTSA says.
-
HHS Funding Secured As Major Government Shutdown AvoidedWith passage of the fiscal 2024 appropriations package, Medicare and Social Security are among the key agencies to receive funding through September 30.
-
State Farm To Exit Homeowner Renewal Policies in CaliforniaState Farm plans to send non-renewal notices to 72,000 home and apartment policyholders starting this July.
