“Netflix, Disney+, HBO Max, Peacock, and Paramount+ have all raised prices at 3–5× CPI since 2022.”
The quiet cartel
No coordination is needed when every incumbent faces the same pressure: content amortization schedules, password-sharing enforcement, and a saturated subscriber base. The playbook — hike the ad-free tier, launch an ad-supported entry point, then hike again — has repeated at every major service inside 18 months.
What the receipts show
TALLY tracks 47 streaming SKUs. Median 12-month change is +11.4% — 3.7× the national CPI. The New York Times All Access bundle, at +47%, is the single largest legal price hike we've observed on any subscription product since we began collecting.
Where users are cutting
Panel data shows a 22% rise in month-to-month cancellations across the top five video services in 2026. Half the churn moves to a cheaper ad tier at the same provider; the other half leaves the platform.