Netflix Achieves Record Subscriber Growth, Announces Price Increases
Netflix reported record-breaking subscriber growth in its final quarter of subscriber reporting, surpassing 300 million paid subscribers for the first time. The company ended 2024 with 302 million paid subscribers, adding a staggering 19 million in Q4 alone and a total of 41 million for the year. While this marks the end of quarterly subscriber reports, Netflix assures continued announcements of paid membership milestones.
However, this positive news is accompanied by a price increase across most plans in the U.S., Canada, Portugal, and Argentina. This marks yet another price adjustment, following increases in 2023 and 2022, reflecting a pattern of roughly $1-$2 annual increases since 2014.
Netflix justifies the price hikes by citing continued investment in programming and a commitment to delivering increased value to its members. The shareholder letter states that these price adjustments are necessary for reinvestment and further improvements to the Netflix service. Specific price changes were not detailed in the letter, but reports from The Wall Street Journal and Bloomberg suggest the following increases:
A new "extra member with ads" plan has also been introduced, allowing users on the ad-supported plan to add an additional household member for a fee. Previously, this feature was restricted to standard and premium plans.
Despite the price increases, Netflix's financial performance remains strong. Q4 revenue reached $10.2 billion, a 16% year-over-year increase, mirroring the annual revenue growth of 16% to $39 billion. The company projects 12% to 14% year-over-year revenue growth in 2025.
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