Netflix announced that it will raise prices for most of its subscription tiers in the United States and Canada. The standard monthly membership without advertisements will increase from $15.49 to $17.99, while the standard account with ads will rise by one dollar to $7.99. The premium tier, which includes 4K video quality, will increase by $2 to $24.99. These changes will take effect in the next billing cycle.
The streaming giant reported a record-breaking 19 million new subscribers in the last quarter of 2024, bringing its global subscriber count to 302 million. Netflix attributed its recent success to popular events like the Mike Tyson and Jake Paul boxing match and the second season of "Squid Game," which drew significant viewership.
Netflix's co-CEO, Ted Sarandos, emphasized the company's commitment to investing in programming and live events, which have contributed to its growth. The company also plans to curb password sharing by allowing subscribers to add extra members to their accounts for a fee.
The price hike comes as other streaming services, such as Disney+ and Hulu, have also increased their prices. Netflix's revenue grew 16% last quarter, exceeding $10 billion for the first time, and the company announced a $15 billion stock buyback.