Netflix to Raise Subscription Prices as Subscriber Numbers Surge
Netflix is set to raise its subscription prices in several countries following a surge in new subscribers. The streaming service added nearly 19 million new subscribers in the final months of 2024, far surpassing expectations. As a result, Netflix announced price increases in the US, Canada, Argentina, and Portugal.
In the US, the cost of almost all subscription plans will rise, including the standard subscription with no adverts, which will increase from $15.49 to $17.99 per month. The ad-supported plan will also see a price hike, rising by $1 to $7.99. This follows a similar price increase in October 2023, when Netflix raised prices for some plans in the UK as well.
Asked about a potential price increase in the UK, a Netflix spokesperson responded, saying there was “nothing to share right now.”
Netflix attributed its strong subscriber growth to successful content releases, including the second season of South Korean drama Squid Game and high-profile sports events like the boxing match between influencer-turned-fighter Jake Paul and former world heavyweight champion Mike Tyson. The company also streamed two NFL games on Christmas Day.
In addition to these offerings, Netflix plans to broadcast more live events, including WWE wrestling, and has secured the rights to air the FIFA Women’s World Cup in 2027 and 2031.
The company finished 2024 with more than 300 million subscribers, far exceeding its target of 9.6 million new subscribers for the October to December period. Netflix also reported a doubling of net profit to $1.8 billion for the quarter, with sales rising from $8.8 billion to $10.2 billion.
Technology analyst Paolo Pescatore noted that Netflix’s price increases come as the company strengthens its programming slate, putting it in a strong position compared to its rivals. This marks the last time Netflix will report quarterly subscriber growth, as it will now announce paid memberships as it reaches key milestones.
