Netflix, the global streaming service is raising subscription prices across multiple countries after a blockbuster 2024, adding nearly 19 million new subscribers.
The streaming giant confirmed that costs will increase in the US, Canada, Argentina, and Portugal, signaling a significant shift for its millions of users.
“From time to time, we may ask our members to pay a bit more in order to reinvest and enhance our service,” Netflix said in a statement, as the company pushes forward with an ambitious content strategy.
In the US, nearly every plan will see a price increase. The popular standard, ad-free plan will jump to $17.99 per month, up from $15.49, while the ad-supported membership rises by $1 to $7.99.
This marks Netflix’s second price hike in the US, following a similar adjustment in October 2023.
While the UK has yet to see an official price increase, Netflix hinted at potential changes without providing specifics.
With over 300 million subscribers by the end of 2024, Netflix blew past its subscriber forecast, boosted by hits like the second season of Squid Game and the much-watched boxing match between Jake Paul and Mike Tyson.
In addition to major releases, Netflix continues to ramp up live events, including NFL games and upcoming WWE wrestling, plus exclusive broadcasting rights for the 2027 and 2031 FIFA Women’s World Cup.
As Netflix continues to grow, its latest price hikes are seen as a reflection of its strong market position, with tech analyst Paolo Pescatore noting, “Netflix is showing its strength by raising prices.”
Netflix’s profits skyrocketed in the final quarter of 2024, more than doubling to $1.8 billion, as sales surged from $8.8 billion to $10.2 billion.
Despite the price increases, it’s clear that Netflix’s strategy is paying off.
