Netflix recently posted its results for the October through December 2024 (Q4 2024) quarter. It revealed a huge milestone for the streaming service as the company reached 301 million paid memberships. It is a 16% increase or 18.91 million new members. This is the biggest increase in additions since the company started operating globally. Probably a positive effect of the company’s efforts to ban account-sharing practices in the whole world, but it also reflects the success of recent movies and shows like Squid Game 2nd season.
Netflix Raises Prices in United States, Canada, Portugal and Argentina
Unfortunately, the announcement also comes with some bad news for your pocket. Netflix will raise the monthly prices in the United States yet again. This is the third increase in three years. In a note to shareholders, the company states that the Standard Plan with ads will be $7.99. The Standard with no ads is jumping from $15,49 to $17,99. The Premium tier is set at $24,99, starting this month.
This isn’t an isolated price hike as other countries like Canada, Portugal, and Argentina will also see price increases. We won’t be surprised if it reaches more regions shortly.
Netflix states that the Q4 outperformed high expectations. The popular drama Squid Game 2 is on track to become the most-watched original series season. Carry-On is the all-time Top 10 films list, the Jake Paul vs. Mike Tyson fight was the most-streamed sporting event, and the Christmas Day games Chiefs vs Steelers, and Ravens vs Texans, were the most streamed NFL games in history.
On a broader scale, Netflix currently reports a 16%^increase in Q4 2024 revenue. It almost doubled the net income in direct comparison to Q4 2023. The forecast is revenue, operating profit, and income to all increase in the next three months as well.
These are certainly good times for the streaming giant. After a huge decline in which the company blamed account sharing, Netflix introduced a series of practices to hold this back and to improve. The introduction of an ad-tier plan was also one of the ways to raise subscriptions offering a cheaper starting plan. All the moves are paying off.
Source: Giz China
