Netflix will raise prices due to increase in new subscribers
Netflix will raise prices in several countries after adding nearly 19 million subscribers in the final months of 2024.
The streaming firm said it would raise subscription costs in the US, Canada, Argentina and Portugal.
It added, “We’ll occasionally ask our members to pay a little more so we can reinvest in making Netflix even better.”
Netflix announced better-than-expected subscriber numbers, including a second series of South Korean drama Squid Game as well as sports including a boxing match between influential athlete-turned-fighter Jake Paul and former world heavyweight champion Mike Tyson.
In the US, prices for almost all plans will rise, including the ad-free Standard subscription, which will now cost $17.99 (£14.60) per month, up from $15.49.
Its subscription will also increase by one dollar to $7.99 with ads.
The last time Netflix raised prices in the US was in October 2023, when it also removed the cost of some plans in the UK.
When asked if prices were going to increase in the UK, a Netflix spokesperson said there was “nothing to share right now”.
Meanwhile, the company said it finished last year with more than 300 million total subscribers. 9.6 million new customers were expected to be added between October and December, but the number is much higher than that.
This is the last time that Netflix will report quarterly subscriber growth – from now on it has said that it will “continue to announce paid subscription growth as we pass key milestones”.
Along with the squid game and the Paul vs. Tyson fight, Netflix also streamed two NFL games on Christmas Day.
It will also broadcast more live events including WWE wrestling and has purchased the rights to the FIFA Women’s World Cup in 2027 and 2031.
Paolo Pescatore, a technology analyst at PP Foresight, said Netflix is ”now flexing its muscles by adjusting prices given its far more robust and diverse programming slate than rivals”.
Net profit between October and December doubled to $1.8 billion compared with the same period a year earlier.
Sales increased from $8.8 billion to $10.2 billion.
