Netflix has announced its financial results for the fourth quarter of 2024. Although the company achieved good results, it decided to raise prices for all subscription plans in the US, Canada, Portugal, and Argentina. This was reported by Engadget.
In 2024, the streaming service reached more than 300 million paid users, and in the last quarter, it gained almost 19 million new subscribers. The company's revenue grew by 16% compared to 2023, and net profit amounted to $2.3 billion, which is 52% more than a year ago.
Despite positive financial results, the company announced a price increase for all subscription plans. The Standard plan with ads will cost $7.99 (previously $6.99), and the version without ads will cost $17.99 (previously $15.49). The Premium plan will rise in price by $2 - $24.99 instead of $22.99, and additional accounts to the main one will cost $8.99 instead of $7.99 per month.
As usual, Netflix justifies the price hike by saying that the streaming service needs funds to create new shows, movies, and series.
"As we continue to invest in programming and deliver more value for our members, we will occasionally ask our members to pay a little more so that we can re-invest to further improve Netflix," the company's financial report says.