Global streaming giant Netflix has announced plans to increase subscription prices in several countries following a significant surge in subscribers during the last months of 2024.
The platform revealed that the new pricing would affect users in the US, Canada, Argentina, and Portugal.
“From time to time, we may ask our members to pay a bit more in order to reinvest and enhance our service,” Netflix said in a statement.
The company experienced stronger-than-expected subscriber growth, adding nearly 19 million new members in the fourth quarter of 2024.
This growth was attributed to the release of the highly anticipated second season of the South Korean hit drama Squid Game and high-profile live events, including the boxing match between influencer-turned-fighter Jake Paul and former heavyweight champion Mike Tyson.
In the United States, subscription costs will increase across most plans. The standard, ad-free plan will now cost $17.99 per month, up from $15.49, while the membership with ads will see a $1 increase to $7.99.
This marks the second price hike in the US within 15 months, following a similar adjustment in October 2023 that also affected some UK plans.
When questioned about potential price increases in the UK, Netflix responded that it had “nothing to share at the moment.”
Netflix ended 2024 with more than 300 million subscribers globally, exceeding its forecast of 9.6 million new additions for the October-December period. Moving forward, the company announced that it would discontinue reporting quarterly subscriber growth, opting instead to highlight key milestones for paid memberships.
The platform’s popularity in the final months of 2024 was further fueled by streaming two NFL games on Christmas Day and its increasing focus on live events. Upcoming live programming includes WWE wrestling and broadcasting rights for the FIFA Women’s World Cup in 2027 and 2031.
“Netflix is showing its strength by raising prices,” commented tech analyst Paolo Pescatore of PP Foresight.
Financially, Netflix reported significant growth during the October-December quarter, with net profits more than doubling to $1.8 billion compared to the previous year. Sales also rose from $8.8 billion to $10.2 billion.
The company’s ability to attract more subscribers while increasing prices underscores its dominance in the streaming industry, as it continues to expand its content offerings and secure exclusive live broadcasting deals.
