Netflix capped off 2024 with a record-breaking quarter, surpassing 300 million paid subscribers for the first time. This milestone, fueled by a record 19 million new subscribers in Q4 and a staggering 41 million for the entire year, is being celebrated… with a price hike. While Netflix states it will continue to announce paid membership milestones, this marks the last official subscriber growth report.
The company announced price increases across most plans in the U.S., Canada, Portugal, and Argentina, a little over a year after the last increase and following similar hikes in 2022 and prior years. Netflix justifies the price adjustments by citing continued investment in programming and a commitment to delivering increased value for subscribers. The shareholder letter, however, offered limited detail on the exact price changes.
Reports from The Wall Street Journal and Bloomberg suggest the following adjustments: the ad-supported plan will increase from $6.99 to $7.99 per month; the standard ad-free plan will rise from $15.49 to $17.99 per month; and the premium plan will jump from $22.99 to $24.99 per month.
A noteworthy addition is a new "extra member with ads" plan. This allows users of the ad-supported tier to add an extra household member for an additional fee—a feature previously exclusive to standard and premium plans.
Despite the price increases, Netflix reported strong financial results. Q4 revenue reached $10.2 billion, a 16% year-over-year increase, mirroring the annual revenue growth to $39 billion. The company projects 12% to 14% year-over-year revenue growth in 2025.
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