If they are half-smart they would start by nudging people toward paying password sharing plans, instead of a hard cut-off. However, their biggest problem isn't with constantly raising the cost of service (BTW: keeping HD on a separate plan is ridiculous, as everyone pretty much by now had at least (720p) HD TV sets)
The actual issue with a rapidly accelerating drop in their content quality.
The complete list of all the new Netflix Original movies released in 2022.
www.whats-on-netflix.com
Just look at IMDB scores - I've checked most of 7 or higher, and at the moment only 2 original Netlfix 2022 movies have ratings over 7, with none over 8.
Look how many movies they drop every month and I bet you haven't heard about most of these.
Quantity over quality is a terrible strategy, but it clearly has been M.O at Netflix circa 2022.
If this strategy continues, I predict Netflix will move to the 4 or 5th spot, somewhere where Hulu is now.