Netflix is planning to increase subscription prices in several countries, following a boost of nearly 19 million new subscribers in late 2024. The streaming service will raise costs in the US, Canada, Argentina, and Portugal. Regarding a potential price hike in the UK, a Netflix spokesperson mentioned there is currently "nothing to share."
The surge in subscriber numbers was attributed to popular shows like the second season of South Korean drama Squid Game and sports events like the boxing match between Jake Paul and Mike Tyson. In the US, prices will go up for various plans, with the standard ad-free plan rising to $17.99 per month from $15.49. The ad-supported membership will also increase by a dollar to $7.99.
Netflix increased prices last in the US in October 2023. The company expressed that occasional price adjustments allow them to enhance their services further. Netflix completed the year with over 300 million subscribers globally, exceeding expectations for new additions.
Moving forward, Netflix plans to disclose paid memberships at significant milestones rather than quarterly subscriber growth. In addition to its successful shows, Netflix streamed NFL games on Christmas Day and will feature more live events like WWE wrestling. It has secured broadcasting rights for the FIFA Women's World Cup in 2027 and 2031.
Technology analyst Paolo Pescatore noted that Netflix is strengthening its position with a diverse range of content, justifying the price adjustments. The company reported a doubled net profit of $1.8 billion in the final quarter of 2024, with sales increasing from $8.8 billion to $10.2 billion.