Netflix announced a price increase for most of its subscription tiers in the US and Canada following a record-breaking quarter with 19 million new subscribers. The company attributed the subscriber growth to the success of live sporting events, the new season of 'Squid Game', and the recent addition of WWE 'Raw' live broadcasts.
Netflix announced on Tuesday a price increase for most of its subscription tiers in the US and Canada, following a record-breaking quarter with 19 million new subscribers. This surge in subscribers propelled Netflix to 302 million globally, solidifying its position as the industry leader.
The company attributed the subscriber growth to several factors, including the immense success of live sporting events like the November boxing event, which attracted 108 million viewers worldwide, and two Christmas Day NFL games that averaged 30 million global viewers. The highly anticipated 'Squid Game' season two premiere also contributed significantly, garnering 68 million views in its first week. Netflix further expanded its offerings by adding live broadcasts of WWE 'Raw' on Monday nights.The price increases will affect various subscription tiers. The standard monthly membership without advertisements will rise from $15.49 to $17.99, while the standard plan with ads will increase by one dollar to $7.99. The premium tier, which includes 4K video quality, will see a $2 increase to $24.99. Netflix justified the price hike by stating it will reinvest the funds to further enhance its programming and value for its members.This price adjustment aligns with the industry trend of streaming services incrementally raising monthly costs and promoting ad-supported plans to enhance profitability. Disney, Max, Peacock, Apple, and others have also implemented price increases in recent years. Netflix last revised its standard plan pricing in 2022. The company reported a 16% revenue increase last quarter, exceeding $10 billion for the first time in its history. Operating income reached $2.3 billion, a 52% year-over-year increase. Netflix also announced a $15 billion stock buyback, sending shares soaring 13% on Tuesday afternoon. During the company's investor call, co-chief executive Ted Sarandos highlighted Netflix's success with live sporting events, emphasizing the platform's focus on this growing area. While acknowledging the potential for future sports collaborations, Sarandos stressed the streamer's current commitment to live events as a key component of its expansion strategy. Finally, Netflix announced that this earnings report marked the last time it would publicly disclose paid membership figures quarterly. Starting next, the company will transition to reporting a twice-annual 'engagement report.
NETFLIX SUBSCRIPTION PRICE INCREASE STREAMING SERVICES LIVE SPORTS SQUID GAME EARNINGS REPORT INVESTOR CALL
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