Basic is Ring's cheapest plan and gives you access to cloud storage for videos recorded from a video doorbell or camera. If you subscribe, you will see the increase on your next renewal date after March 11, unless you cancel before that date.
Without a subscription, all you can do with a Ring camera is watch a live feed and receive motion alerts from your camera.
Wyze and Blink are now the cheapest options to watch videos recorded in the cloud from a single camera
The increases appear designed to push users to sign up for the company's higher-priced plans, which are not increasing. The next tier ($10 per month or $100 per year) covers unlimited cameras and now makes more sense if you have two or more Ring devices. So it's easier to add another camera since it won't cost you more per month.
If you're looking for a cheaper alternative, Blink and Wyze offer some of the cheapest plans for watching cloud-recorded video from a single camera. Both are $3 a month, but I wouldn't hold my breath if those prices stayed that way.
Local video storage is the way to avoid price increases like these. Blink and Wyze offer local storage, as do cameras from Eufy and Reolink. Video doorbells that support Apple HomeKit Secure Video record to your iCloud account, but Apple's subscription services aren't immune to price increases.