Streaming service YouTube TV just got more expensive – the company announced that it is raising the price of its monthly subscription from $64.99/month to $72.99/month (marking an increase of 12.3%, or $8) due to a “rise in content costs”.

Coming months after it surpassed the 5-million mark when it comes to subscribers, the hike in its monthly subscription comes as a result of a rise in “content costs” and YouTube TV’s continued investment in service quality. the company announced.

For users who are interested in starting a new subscription from today, they will have to pay the new price. For current subscribers of YouTube TV, they will continue to pay the current rate for now (but will be subject to the new rate from April 18). It also marks a rise of more than two times in YouTube TV’s monthly base plan, ever since it launched at $35 a month in 2017.

While the hike is a steep one, the increase has been long overdue, especially since this is its first price hike in the past three years. For those who missed it, the last time YouTube TV increased the price of its subscription was in June 2020, when it increased that price from $50 to $64.99 per month. It also comes after YouTube dropped MLB Network from its lineup (since both sides could not reach a new agreement after the previous one expired on January 31).

To accompany this, YouTube TV announced that it will decrease the price of its 4K Plus add-on from $19.99/month to $9.99/month. “We are committed to offering a premium way for you to stream TV, but understand this new price may not work for you. We do hope YouTube TV continues to be your service of choice, but we want to give you the flexibility to cancel at any time,” it said in a tweet. For now, 4K is currently available on a few select channels on YouTube TV.

Speaking of channels, the company announced on Twitter that it will offer over 100 channels, including local ABC, CBS, Fox, and NBC broadcast channels in most markets. Additionally, it will offer a cloud-based DVR with unlimited storage, up to six accounts per household, and three concurrent streams. It is also offering new features like Multiview, the company said.

“We understand how frustrating the news must be & this is not the outcome that we wanted. we’ll continue conversations with the MLB Network in the hope of restoring their content on YouTube TV in the future,” it said in a thread to its post. In recent years, streaming platforms have experienced tremendous growth in popularity, as more and more people are turning away from traditional cable TV and opting for online streaming services. Covid accelerated that growth further, although all of it came crashing down once things became pre-COVID normal.

The convenience of being able to watch shows and movies on-demand, without the need for a set-top box or cable contract, is a major driving force behind the shift towards streaming platforms. Leading streaming services such as Netflix, Amazon Prime Video, and Hulu have seen exponential growth in their subscriber numbers, and they continue to produce a vast array of original content to keep their audiences engaged.