Netflix Achieves Record Subscriber Growth, Announces Price Increases
Netflix concluded 2024 with a record-breaking fourth quarter, surpassing 300 million paid subscribers for the first time. The streaming giant added 19 million subscribers in Q4 alone, culminating in a total yearly increase of 41 million. While this marks the last official subscriber growth report, Netflix assures continued announcements upon reaching significant milestones.
This impressive growth is accompanied by a price increase across most subscription plans in the U.S., Canada, Portugal, and Argentina. This marks yet another price adjustment, following increases in 2023 and 2022, reflecting a pattern of roughly $1-$2 annual price hikes since 2014.
Netflix justifies the price adjustments by citing continued investment in programming and a commitment to delivering enhanced member value. The company states that these price changes were already anticipated in its October 2024 guidance.
While the exact price increases remain unconfirmed by Netflix, reports from The Wall Street Journal and Bloomberg suggest the following changes:
- Ad-supported plan: $6.99 to $7.99 per month
- Standard ad-free plan: $15.49 to $17.99 per month
- Premium plan: $22.99 to $24.99 per month
A new "extra member with ads" option is also being introduced, allowing ad-supported plan subscribers to add an additional household member for a fee. Previously, this feature was restricted to standard and premium plans.
Netflix's Q4 revenue saw a 16% year-over-year increase, reaching $10.2 billion. Annual revenue also climbed 16% to $39 billion. The company projects a 12% to 14% year-over-year revenue growth for 2025.
