Netflix recently achieved a significant milestone by surpassing 300 million subscribers, culminating the fiscal year 2024 with a total of 302 million paid subscribers. The company added a record-breaking 19 million subscribers in the fourth quarter alone, contributing to a full-year increase of 41 million. This marks the last quarter Netflix will report subscriber growth, although the company plans to continue announcing paid memberships at key milestones.
However, alongside this success, Netflix announced a price increase for most of its plans in the U.S., Canada, Portugal, and Argentina. This adjustment comes just over a year after the last price hike in 2023, continuing a trend of annual increases that began in 2014. The company justified these changes in its shareholder letter, stating, "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."
Although the exact details of the price hikes were not specified in the letter, reports from The Wall Street Journal and Bloomberg indicate that the ad-supported tier 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 tier will go from $22.99 to $24.99 per month. Additionally, Netflix introduced a new "extra member with ads" plan, allowing individuals on an ad-supported plan to add someone outside their household for an additional fee, a feature previously exclusive to standard and premium plans.
Financially, Netflix reported a 16% year-over-year increase in quarterly revenue, reaching $10.2 billion, and a similar rise in annual revenue to $39 billion. The company forecasts a growth rate of between 12% and 14% for the year 2025.
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