Netflix will raise prices in a number of countries after adding nearly 19 million subscribers in the final months of 2024.
The streaming company announced that it would increase subscription costs in the United States, Canada, Argentina and Portugal.
“We will occasionally ask our members to pay a little more so that we can reinvest to make Netflix even better,” it says.
Netflix reported better-than-expected subscriber numbers, helped by the second series of South Korean drama Squid Game as well as sports including the boxing match between influencer-turned-fighter Jake Paul and former world champion heavyweight Mike Tyson.
In the US, prices will increase on almost all plans, including the standard ad-free subscription which will now cost $17.99 per month, up from $15.49.
Its membership with ads will also increase by one dollar to $7.99.
The last time Netflix raised its prices in the US was in October 2023, when it also increased the costs of some plans in the UK.
When asked if prices would increase in the UK, a Netflix spokesperson said there was “nothing to share at the moment”.
Meanwhile, the company said it ended last year with more than 300 million total subscribers. It was expected that 9.6 million new subscribers would be added between October and December, but this figure was significantly exceeded.
This is the last time Netflix will report quarterly subscriber growth. Now, the company says it will “continue to announce paid subscriptions as we reach key milestones.”
In addition to Squid Game and the Paul vs. Tyson fight, Netflix also streamed two NFL games on Christmas Day.
It will also broadcast more live events, including WWE wrestling, and has purchased the rights to the FIFA Women’s World Cup in 2027 and 2031.
Paolo Pescatore, a technology analyst at PP Foresight, said Netflix is ”now showing strength in adjusting prices given its much stronger and more diverse programming compared to its competitors.”
Net profit between October and December doubled to $1.8 billion compared to the same period last year.
Sales increased from $8.8 billion to $10.2 billion.
