Netflix Achieves Record Subscriber Growth, Announces Price Increases
Netflix concluded 2024 with a record-breaking quarter, surpassing 300 million paid subscribers for the first time. The streaming giant added a remarkable 19 million subscribers in Q4 alone, culminating in a total of 41 million new subscribers for the year. While this marks the final quarter for official subscriber growth reporting, Netflix assures users that key milestones will continue to be announced.
This significant achievement is coupled with another price increase, the latest in a series of adjustments over the past decade. The company justifies the price hike – implemented across most plans in the U.S., Canada, Portugal, and Argentina – by citing continued investment in programming and a commitment to enhancing member value. The exact price increases weren't explicitly detailed in the shareholder letter, but reports from The Wall Street Journal and Bloomberg suggest the following changes:
- Basic with Ads: $6.99 to $7.99 per month
- Standard: $15.49 to $17.99 per month
- Premium: $22.99 to $24.99 per month
Further bolstering its offerings, Netflix is introducing a new "extra member with ads" plan. This allows users subscribed to the ad-supported tier to add an additional household member for a fee, a feature previously exclusive to standard and premium plans.
Despite the price adjustments, Netflix's financial performance remains strong. Q4 revenue surged 16% year-over-year to $10.2 billion, mirroring the annual growth of 16% to $39 billion. The company projects continued growth of 12% to 14% year-over-year in 2025.
