Netflix has achieved a remarkable milestone by surpassing 300 million subscribers, culminating in a record-breaking quarter with the addition of 19 million new subscribers in Q4 and a total of 41 million for the entire year of 2024. The company closed the fiscal year with 302 million paid subscribers. This will be the final quarter that Netflix reports subscriber growth, although it will continue to share updates on paid memberships upon reaching significant milestones.
In celebration of this achievement, Netflix has announced price increases for most of its plans in the U.S., Canada, Portugal, and Argentina. This marks the latest in a series of price adjustments, following hikes in 2023 and 2022, and an average annual increase of $1 to $2 since the first hike in 2014. According to the shareholder letter, these adjustments are intended to support continued investment in programming and enhance member value. The new pricing, which was already included in the 2025 guidance provided in October 2024, will see the ad-supported tier rise from $6.99 to $7.99 per month, the standard ad-free plan increase from $15.49 to $17.99 per month, and the premium tier go from $22.99 to $24.99 per month.
Additionally, Netflix has introduced a new "extra member with ads" plan, allowing individuals on an ad-supported plan to add someone outside their household for an additional fee, a feature previously exclusive to standard and premium plans.
Despite the price adjustments, Netflix reported a robust financial performance, with Q4 revenue increasing by 16% year-over-year to $10.2 billion and annual revenue also up by 16% to $39 billion. The company is projecting a year-over-year growth of between 12% and 14% for 2025.
