> “The price of streaming services is reflective of the economic realities and costs that it takes to produce and distribute the content,” Schmitt says.

Lies. Things are priced to maximize the amount of profit, which is Quantity * Price - Cost.

If you hike prices by 10% and lose 5% of customers - that's good business. $100 * 100 is less than $110 * 95

Someone who knows microeconomics better can correct me, but looks like companies can raise price and make more money as long as the demand continues to be inelastic