LOS GATOS, CALIFONIA — Netflix is set to raise subscription fees in several countries after experiencing significant growth in the final months of 2024, adding nearly 19 million new subscribers. The streaming giant confirmed that the price hike will affect users in the United States, Canada, Argentina, and Portugal.
These adjustments come as the company seeks to capitalize on its growing subscriber base while continuing to invest in new content and enhance its services.
“We will occasionally ask our members to pay a little more so that we can re-invest to further improve Netflix,” it said.
Netflix reported impressive subscriber growth, far exceeding expectations, driven by successful shows like the second season of Squid Game and high-profile events such as the Jake Paul vs. Mike Tyson boxing match. The streaming giant also saw a strong performance from sports broadcasts, including NFL games on Christmas Day.
In the United States, Netflix will raise prices on nearly all plans, including its standard subscription without ads, which will now cost $17.99 per month, up from $15.49. The membership with ads will also see a price hike of $1, increasing to $7.99.
The price adjustments come after the company finished 2024 with over 300 million subscribers, surpassing expectations. Despite a forecast of 9.6 million new subscribers between October and December, Netflix added nearly 19 million.
In the UK, while prices were raised in October 2023, Netflix has not made any announcements regarding further increases. The company also confirmed that it will no longer report quarterly subscriber growth, focusing instead on paid membership milestones.
In addition to hit series like Squid Game, Netflix is making a major push into live sports and events. It plans to broadcast more live events, including WWE wrestling and has secured the rights to the FIFA Women’s World Cup for 2027 and 2031.
Netflix’s growing content portfolio and price hikes are being viewed as a sign of its increasing strength in the competitive streaming market. Paolo Pescatore, a technology analyst at PP Foresight, remarked that Netflix is “flexing its muscles” with these changes, supported by its broader programming slate compared to rivals.
For the last quarter of 2024, Netflix’s net profit doubled to $1.8 billion, while sales increased from $8.8 billion to $10.2 billion.
