Netflix has announced plans to raise subscription prices in select countries after a remarkable surge in subscribers during the final months of 2024, with nearly 19 million new members joining the platform.
The price increases will affect users in the United States, Canada, Argentina, and Portugal.
In a statement, Netflix explained, “We will occasionally ask our members to pay a little more so that we can re-invest to further improve Netflix.”
The streaming giant exceeded expectations with its subscriber growth, largely driven by the highly anticipated second season of the South Korean hit drama Squid Game and live sports events, including a boxing match between influencer-turned-fighter Jake Paul and former world heavyweight champion Mike Tyson.
In the US, the standard subscription plan without adverts will rise to $17.99 per month from the previous $15.49, while the ad-supported membership will increase by one dollar to $7.99.
The last price adjustment in the US occurred in October 2023, when some plans in the UK also saw an increase.
However, a Netflix spokesperson stated there are currently no updates on potential price changes in the UK.
The company concluded 2024 with a total subscriber base exceeding 300 million, surpassing its expected 9.6 million additions between October and December.
This marks the final instance of Netflix reporting quarterly subscriber growth, as it plans to announce paid membership milestones moving forward.
In addition to Squid Game and the Paul vs. Tyson event, Netflix streamed two NFL games on Christmas Day.
The platform is set to expand its live event offerings, including WWE wrestling, and has secured broadcasting rights for the FIFA Women’s World Cup in 2027 and 2031.
Technology analyst Paolo Pescatore of PP Foresight commented, “Netflix is now flexing its muscles by adjusting prices given its far stronger and diversified programming slate compared to rivals.”
The company reported a doubling of net profit to $1.8 billion in the October-December period, with sales rising from $8.8 billion to $10.2 billion.
Also read: James Goldsmith Net Worth
