Netflix announces price increases for its subscription tiers in the US and Canada following a successful Q4 2024 with 19 million new subscribers. The company attributes its growth to live sporting events, the success of 'Squid Game' season two, and the addition of live WWE 'Raw' broadcasts.
Netflix announced price increases for most of its subscription tiers in the US and Canada, following a record-breaking quarter with 19 million new subscribers added in Q4 2024. This surge brings Netflix's total global subscriber count to 302 million, solidifying its position as the leading streaming platform.
The company attributed its success to several key factors, including the global phenomenon of its live broadcasts of major sporting events, such as the highly anticipated fight in November that drew 108 million viewers worldwide. Netflix also capitalized on the success of 'Squid Game' season two, its biggest premiere to date, which garnered 68 million views in its first week. Moreover, the addition of live WWE 'Raw' broadcasts on Monday nights further contributed to subscriber growth. The price increases will see the standard monthly membership without advertisements increase from $15.49 to $17.99, while a standard account with ads will rise by $1 to $7.99. Its highest-priced premium tier, which includes 4K video quality, will increase by $2 to $24.99. Netflix stated that these adjustments are necessary to continue investing in programming and delivering enhanced value to its members.The announcement comes amidst a trend of rising prices across the streaming industry, with competitors such as Disney, Max, Peacock, and Apple also increasing their monthly costs and promoting ad-supported plans for greater profitability. Netflix last raised its standard plan price in 2022. The company reported a 16% revenue increase last quarter, exceeding $10 billion for the first time in its history, with operating income reaching $2.3 billion, a 52% year-on-year increase. Netflix also announced a $15 billion stock buyback. These positive financial results led to a 13% surge in shares on Tuesday afternoon. During the company's investor call, Ted Sarandos, Netflix co-chief executive, emphasized the streamer's recent success with live sporting events. He stated that while exploring the economics of adding more live sports programming is a possibility, their current focus remains on live events and sports as a crucial part of their expansion strategy. Notably, Tuesday's earnings report marks the last time Netflix will publicly report its paid membership figures on a quarterly basis. Instead, the company will transition to a twice-annual 'engagement report' format for updates
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