Michelle ThompsonNetflix plans to raise prices in several countries after gaining nearly 19 million new subscribers in the final quarter of 2024. The price hikes will affect the US, Canada, Argentina, and Portugal. The company explained that occasional price increases are necessary to reinvest in further improving its services.
Netflix’s subscriber growth was boosted by the second season of the South Korean drama Squid Game and sports events such as the boxing match between Jake Paul and Mike Tyson. In the US, nearly all plans will see price increases, with the standard subscription (ad-free) rising to $17.99 per month, up from $15.49. The ad-supported membership will increase by $1 to $7.99.
This follows a price hike in October 2023, which also affected some UK plans. When asked about potential price increases in the UK, Netflix declined to comment.
The company ended 2024 with over 300 million subscribers, surpassing the expected 9.6 million new sign-ups between October and December. Going forward, Netflix will no longer report quarterly subscriber growth but will announce milestones in paid memberships.
In addition to Squid Game and the Paul-Tyson fight, Netflix streamed two NFL games on Christmas Day. It plans to air more live events, including WWE wrestling, and has secured the rights to broadcast the FIFA Women’s World Cup in 2027 and 2031.
Technology analyst Paolo Pescatore noted that Netflix is leveraging its stronger and more diverse programming lineup compared to competitors. For the October-December period, Netflix’s net profit doubled to $1.8 billion, with sales rising from $8.8 billion to $10.2 billion.
