Netflix Achieves Record Subscriber Growth, Announces Price Increases
Netflix celebrated surpassing 300 million paid subscribers for the first time, hitting a record 302 million by the end of 2024. This impressive growth, fueled by a record 19 million new subscribers in Q4 and 41 million for the full year, comes with a caveat: another price increase.
While Netflix stated this would be their last subscriber growth report (though they will continue announcing milestones), their shareholder letter revealed a price hike across most plans in the U.S., Canada, Portugal, and Argentina. This marks yet another increase, following those in 2023 and 2022, and continues a pattern of roughly $1-$2 annual increases dating back to 2014.
The company justified the price adjustments by citing continued investment in programming and a commitment to delivering increased value to subscribers. They stated that these price changes were already factored into their 2025 financial guidance.
While the exact price increases weren't explicitly detailed in the letter, 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 significant addition is a new "extra member with ads" plan. This allows users of the ad-supported tier to add an extra member outside their household for an additional fee, a feature previously exclusive to the standard and premium plans.
Despite the price increases, Netflix reported strong financial results. Q4 revenue reached $10.2 billion, a 16% year-over-year increase, mirroring the annual revenue growth to $39 billion. The company projects 12% to 14% year-over-year revenue growth in 2025.
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