On January 21st, Tuesday, Netflix boosted its subscription costs for U.S. users right away, as reported by Variety. The streaming service disclosed this change alongside its fourth quarter earnings report for fiscal year 2024, which also highlighted a record-breaking surge in subscribers for one quarter. This marks the first time that Netflix has increased the price of its ad-supported plan since its launch, and it’s the first overall price hike the company has implemented since October 2023. According to Netflix, the additional revenue from higher subscription fees will be used to enhance their services and content offerings.
In the revised pricing scheme, the Netflix “Standard with Ads” plan will increase from $6.99 to $7.99 a month. Similarly, the “Standard” plan will escalate from $15.49 to $17.99 per month, and the “Premium” plan is set to rise from $22.99 to $24.99 monthly. The “Extra Member” add-on, which enables “Standard” and “Premium” users to enjoy the service outside their households, will also see an increase, going from $7.99 to $8.99 per month.
In a bid to enhance our programming and offer greater benefits to our subscribers, Netflix has announced a price increase for most of its plans in the U.S., Canada, Portugal, and Argentina. This move is aimed at allowing us to reinvest and continue improving our service. These changes were previously accounted for in the 2025 guidance we shared in October 2024.
Despite the letter indicating that price increases would commence straight away, the original prices are still being used at this point. Additionally, the letter mentioned Netflix adding a record-breaking 18.9 million new subscribers during the fourth quarter of 2024 – their highest growth in a single quarter yet. The company also shared that 55% of these new subscribers signed up for the ad-supported tier and expressed plans to boost advertising revenue in 2025.
The broadcaster also drew attention to some major shows scheduled for release this year, hoping to retain viewers. These include new seasons of both “Squid Game” and “Wednesday”, as well as the final episodes of “You” and “Stranger Things”.
As a devoted movie enthusiast, I recall back in October 2023 when Netflix made a change in its subscription plan. Since then, they haven’t hiked up the cost, but they’ve eliminated their most affordable ad-free package and instead introduced a new “Standard with ads” option. Now, this seems to be the sole choice for customers at that particular price point. Despite causing a flutter on social media with announcements like this one, Netflix continues to reign supreme in the streaming market.
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2025-01-22 01:39