Netflix is set to increase prices in several countries following a surge of nearly 19 million new subscribers in the closing months 2024.
The streaming company plans to raise subscription prices in the United States, Canada, Argentina, and Portugal.
A spokesperson for Netflix responded to enquiries about potential price increases in the UK, stating there was “nothing to share right now.”
Netflix has revealed subscriber figures that surpassed expectations. These figures were bolstered by the success of the second season of the South Korean drama Squid Game and notable sporting events, including a boxing match featuring influencer-turned-fighter Jake Paul and former world heavyweight champion Mike Tyson.
In the United States, consumers can expect a price rise for nearly all subscription plans. Notably, the standard ad-free subscription will see its monthly fee increase to $17.99 (£14.60), a jump from the previous rate of $15.49.
The membership fee for the ad-supported plan will increase by one dollar to $7.99.
In October 2023, Netflix implemented a price increase in the United States, coinciding with a similar adjustment for specific plans in the United Kingdom.
“Occasionally, members may be asked to contribute a bit more to facilitate reinvestment aimed at enhancing Netflix,” the statement read.
In a recent announcement, the company revealed that it concluded the previous year with a total subscriber count exceeding 300 million. The company had anticipated an addition of 9.6 million new subscribers from October to December, yet it significantly exceeded that projection.
Netflix has announced this will be the final quarterly report on subscriber growth. Moving forward, the company will instead disclose paid memberships as it reaches significant milestones.
In addition to the widely discussed Squid Game and the highly anticipated Paul vs Tyson fight, Netflix expanded its offerings by streaming two NFL games on Christmas Day.
The network is set to expand its live event offerings, including WWE wrestling, and has secured the broadcasting rights for the FIFA Women’s World Cup in 2027 and 2031.
Paolo Pescatore, a technology analyst at PP Foresight, remarked that Netflix is demonstrating its strength by modifying prices, thanks to its significantly enhanced and varied programming lineup compared to competitors.
Between October and December, net profit surged to $1.8 billion, doubling compared to the same period last year.
Sales increased from $8.8 billion to $10.2 billion.
