Netflix will raise subscription prices in several countries after adding nearly 19 million new subscribers in the final quarter of 2024.
The streaming giant announced price hikes for its plans in the U.S., Canada, Argentina, and Portugal. A spokesperson for Netflix said there is “nothing to share right now” regarding potential increases in the U.K.
The better-than-expected subscriber growth was fueled by the release of hit content, including the second season of the South Korean drama Squid Game and live events such as a boxing match featuring influencer-turned-fighter Jake Paul and former heavyweight champion Mike Tyson.
In the U.S., almost all subscription tiers will see price increases. The standard ad-free plan will rise from $15.49 to $17.99 per month, while the ad-supported membership will increase by $1 to $7.99. The last U.S. price hike occurred in October 2023, when Netflix also raised costs for some plans in the U.K.
“We will occasionally ask our members to pay a little more so that we can reinvest to further improve Netflix,” the company said in a statement.
Netflix reported it ended 2024 with more than 300 million total subscribers, far surpassing the 9.6 million new subscribers analysts had forecast for the October-December period. This marks the last time Netflix will report quarterly subscriber growth, with the company now planning to announce milestones for paid memberships instead.
The company also highlighted its expanding content lineup. In addition to Squid Game and the Paul-Tyson fight, Netflix streamed two NFL games on Christmas Day and plans to broadcast more live events, including WWE wrestling. It has also secured the rights to the FIFA Women’s World Cup for 2027 and 2031.
“Netflix is now flexing its muscles by adjusting prices given its far stronger and diversified programming slate compared to rivals,” said Paolo Pescatore, a technology analyst at PP Foresight.
For the quarter, Netflix reported net profit of $1.8 billion, doubling its earnings from the same period a year ago. Revenue rose from $8.8 billion to $10.2 billion.