Netflix has announced price hikes across several countries, including the US, Canada, Argentina, and Portugal, following a blockbuster year of subscriber growth. The streaming giant revealed that it added nearly 19 million new subscribers in the last quarter of 2024, far exceeding the anticipated 9.6 million.
The price increase, effective immediately in some markets, will see the standard US subscription with no ads rise to $17.99 per month from $15.49. The ad-supported membership will increase by $1 to $7.99. Netflix has not confirmed any plans to raise prices in the UK at this time.
The subscriber boom was fueled by high-profile releases, including the second season of the South Korean drama Squid Game and live sports events such as the Jake Paul vs. Mike Tyson boxing match. Netflix also streamed NFL games on Christmas Day and plans to expand its live sports portfolio, having secured rights to the FIFA Women’s World Cup for 2027 and 2031.
Netflix has been diversifying its content strategy to attract a broader audience. From gripping dramas to live sports, the streaming service is leveraging a stronger and more varied slate of programming compared to competitors, said Paolo Pescatore, technology analyst at PP Foresight.
The company plans to continue expanding live events, including WWE wrestling, as part of its long-term strategy to attract and retain subscribers.
Netflix ended 2024 with more than 300 million subscribers globally, a significant achievement as the platform shifts away from reporting quarterly subscriber growth. Instead, it will announce subscriber milestones periodically.
In financial terms, Netflix saw its net profit for the last quarter of 2024 double to $1.8 billion compared to the same period in 2023, with sales rising from $8.8 billion to $10.2 billion.
The company remains optimistic about its growth trajectory, despite occasional price hikes. "We will occasionally ask our members to pay a little more so that we can re-invest to further improve Netflix," a spokesperson said.
