24th January 2025 9:02:54 AM
2 mins readNetflix is planning to raise prices in several countries after gaining nearly 19 million new subscribers in the last months of 2024.
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The streaming service announced that it will increase subscription fees in the US, Canada, Argentina, and Portugal.
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When asked if the UK would see price hikes, a Netflix spokesperson replied that there was “nothing to share right now.”
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Netflix reported better-than-expected subscriber growth, boosted by the second season of the popular South Korean series Squid Game and sports events, including the boxing match between Jake Paul and Mike Tyson.
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In the US, the price of nearly all subscription plans will go up, including the standard plan with no ads, which will now cost $17.99 (£14.60) a month, up from $15.49.
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The plan with ads will also increase by one dollar to $7.99.
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The last time Netflix raised prices in the US was in October 2023, also increasing costs for some UK plans.
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“We will occasionally ask our members to pay a little more so that we can re-invest to further improve Netflix,” the company explained.
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Netflix ended last year with more than 300 million subscribers. It had expected to add 9.6 million new subscribers between October and December, but it surpassed that expectation.
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This will be the last time Netflix reports quarterly subscriber growth, as it plans to “continue to announce paid memberships as we cross key milestones.”
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Along with Squid Game and the Paul vs. Tyson fight, Netflix also aired two NFL games on Christmas Day.
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The company will stream more live events, including WWE wrestling, and has secured the rights to broadcast the FIFA Women’s World Cup in 2027 and 2031.
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Technology analyst Paolo Pescatore from PP Foresight stated that Netflix “is now flexing its muscles by adjusting prices given its far stronger and diversified programming slate compared to rivals.”
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Netflix’s net profit between October and December doubled to $1.8 billion compared to the same period last year.
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Sales grew from $8.8 billion to $10.2 billion.
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