Netflix has announced they will be raising prices in several countries after adding almost 19 million subscribers in the last quarter of 2024.
The streaming giant has said subscription costs in the US, Canada, Argentina, and Portugal will now be going up.
The price increase will now see the standard monthly membership with the ad-free tier going from $15.49 (£12.55) to $17.99 (£14.60), while a standard membership with ads will go up from $6.99 (£5.66) to $7.99 (£6.47). The highest priced tier goes up to $24.99 (£20.25).
A Netflix spokesperson said they had “nothing to share right now” on if prices were set to go up in the UK, reported the BBC.
“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,” the streamer said in a letter to investors.
“To that end, we are adjusting prices today across most plans in the US, Canada, Portugal and Argentina (which was already factored into the 2025 guidance we provided in October 2024).”
The numbers, which were released on Tuesday, show that Netflix’s gamble with live sporting events paid off, as November’s Mike Tyson and Jake Paul boxing match drew 108 million viewers worldwide, making it the most-streamed sporting event ever.
Later, two Christmas Day NFL games streamed on Netflix averaged 30 million global viewers, becoming the most-streamed football games in history.
The increase in subscribers can also be attributed to the release of the second season of Squid Game in December, which drew 68 million views in the first week.
“Even in an amazing quarter where we had three huge live events – we had an incredible fight, two NFL games – we had one of our biggest TV series ever in Squid Game season two, all very successful events and titles that we are thrilled about,” Ted Sarandos, Netflix co-chief executive, said on an investor call, reported CNN.
“If there was a path where we could actually make the economics work, for both us and the league, we certainly would explore. But, right now, we believe that the live events business is where we really want to be, and sports is a very important part of that, but it is a part of that expansion.”
More live events can be expected on Netflix, as the company has bought the rights to the FIFA Women’s World Cup in 2027 and 2031, and will begin streaming WWE wrestling.
The previous time Netflix raised prices in the US and UK was in October 2023. In the UK, that meant the basic, ad-free subscription rose from £6.99 a month to £7.99, while the premium subscription rose from £15.99 to £17.99.
Netflix has a massive lineup ahead for 2025. The fifth and final season of sci-fi hit Stranger Things as well as the second season of Jenna Ortega-starrer Wednesday are set to release this year, as well as the third and final season of Squid Game.
