Netflix is hiking its prices for some subscribers as it reported record-high earnings and 19 million new customers in the last three months of 2024.
The popular streaming service has confirmed it is increasing its subscription costs across most of its plans in the US, Canada, Portugal and Argentina.
In the US, the cheapest monthly plan with adverts will rise by one US dollar, going up from $6.99 to $7.99 per month (£6.46), while its standard subscription with no adverts will cost $17.99 (£14.60) per month, up from $15.49.
The price of its premium plan, which includes no adverts and Ultra HD, is rising to $22.99 (£18.66) per month, up from $20.99, reflecting price hikes of $1, $2.50 and $2 respectively over the three plans.
Commenting on the price hikes, Netflix said: “We will occasionally ask our members to pay a little more so that we can re-invest to further improve Netflix.”
Asked if prices are also set to increase for subscribers in the UK, a Netflix spokesperson said there was “nothing to share right now”.
While Netflix has not confirmed a similar price rise in the UK, the last time it raised prices in the US in October 2023, it also lifted costs for some plans in the UK so it isn’t out of the question that subscription costs here could follow suit again in 2025.
Prior to the 2023 price hikes, the last time Netflix changed costs for customers in the UK was in December 2020.
Currently, UK subscribers pay £4.99 per month for its standard plan with adverts, £10.00 per month for the standard plan without adverts, and £17.99 per month for its premium plan.
Netflix ended 2024 with more than 300 million global subscribers after gaining around 19 million in the final three months of the year, with series like Bridgerton and Fool Me Once helping to attract new customers.
The California-based business made 39 billion US dollars (£31.5 billion) in revenues over 2024 – up from 33.7 billion US dollars (£27.3 billion) in 2023 – and its operating income soared to 10.4 billion dollars (£8.4 billion) – up from seven billion dollars (£5.7 billion) the year before – reaching a record high.
Dan Coatsworth, investment analyst at AJ Bell, said: “Netflix has proved its success is not waning – it is going from strength to strength and continues to be king of the streaming platforms.
“It’s not a surprise that Netflix feels comfortable in raising prices. Customers love its content, so strike while the iron is hot and get them to pay more.
“Netflix has been spreading its wings to offer more diversified content. Sports and games now comfortably sit alongside films and TV shows, making Netflix a broader entertainment hub. It means there is something for everyone and the company clearly feels this is worth a higher monthly subscription price.”
