Netflix To Increase Subscription Prices

Netflix subscribers in the US, Canada, Argentina, and Portugal will have to pay more as the streaming giant has raised the monthly prices of its subscription plans. The price hike comes following the announcement that the platform has gained 19 million new subscribers in Q4 2024. By the end of last year, Netflix had over 300 million members globally, which indicates an increase of 41 million from 2023.

"As we continue to invest in programming and deliver more value for our members, we will occasionally ask our members to pay a little more so that we can re-invest to further improve Netflix," said the company in a letter to shareholders on Tuesday. At the same time, the letter did not specify the new prices. In an email to CBS MoneyWatch, the company said that it is boosting its subscription plans for US customers by about $1 to $2.50 per month. The last time Netflix increased prices in the US was in October 2023.

In the earnings release, Netflix attributed its latest achievement to the Mike Tyson and Jake Paul boxing match in November, which it said generated 108 million viewers globally. The popularity of "Squid Game" season two, the platform's biggest premiere to date, which garnered 68 million views in its first week, also helped to boost subscriptions.