Netflix will raise prices as Squid Game and sports fuel subscribers

On By Littum

Netflix will raise prices across a number of countries after adding nearly 19 million subscribers in the final months of 2024.

The streaming company said it will increase subscription costs in the US, Canada, Argentina and Portugal.

“We will occasionally ask our members to pay a little more so we can reinvest to further improve Netflix,” it said.

Netflix reported better-than-expected subscriber numbers, helped by the second series of South Korean drama Squid Game as well as sports, including the boxing match between influencer-turned-fighter Jake Paul and former world heavyweight champion Mike Tyson.

In the US, prices will rise across almost all plans including the standard ad-free plan, which will now cost $17.99 (£14.60) a month, up from $15.49.

Its membership with ads will also increase by a dollar to $7.99.

The last time Netflix raised prices in the US was October 2023, when it also raised the cost of some plans in the UK.

Asked if prices were set to rise in the UK, a Netflix spokesman said there was “nothing to share at this time”.

Meanwhile, the company said it ended last year with more than 300 million total subscribers. It was expected to add 9.6 million new subscribers between October and December, but far exceeded that number.

This is the last time Netflix will report quarterly subscriber growth – from now on, it said it will “continue to announce paid memberships as we cross key milestones”.

In addition to the Squid Game and the Paul v Tyson game, Netflix also streamed two NFL games on Christmas Day.

It will also broadcast more live events, including WWE wrestling, and has bought the rights to the FIFA Women’s World Cup in 2027 and 2031.

Paolo Pescatore, a technology analyst at PP Foresight, said Netflix is ​​”now flexing its muscles by adjusting prices given its far stronger and more diversified programming schedule compared to its competitors”.

The net result between October and December doubled to DKK 1.8 billion. USD compared to the same period a year ago.

Sales rose from $8.8 billion. to $10.2 billion.