Netflix Prices Are Going Up Again

Netflix has announced that it’s raising prices for its subscription plans in the US, Canada, Portugal, and Argentina. All plans will see changes, including both the ad-supported and ad-free options.

According to the most recent earnings report, the basic plan with ads will go up from $6.99 to $7.99 per month. The standard ad-free plan will increase from $15.49 to $17.99 per month, and the premium ad-free plan will rise from $22.99 to $24.99. Netflix will send out emails to subscribers letting them know when these changes will take effect.

With Amazon Prime only $14.99, Disney at $15.99, and Hulu without ads at $18.99, Netflix is becoming far above the most expensive streaming plan. Right now, it feels justified, thanks to big shows like You and Squid Game, the anime, and popular movies. Netflix feels like a premier service, but if you have T-Mobile, the company will pay for part of the cost of Netflix.

Netflix has raised its prices again in 2024, adding to an earlier increase in October. This is also the first time it’s raised prices for the ad-supported plan, which started in 2022. The company explained that these price changes are due to spending more on programming and wanting to provide better value to its subscribers.

Even with the recent price increases, Netflix saw an unprecedented rise in subscribers. In just one quarter, the service gained 19 million new subscribers, pushing their total number to over 300 million worldwide. This is the biggest growth in subscribers the company has ever had in a single quarter.

The company said in the earnings call that even with their current success, there is a lot of potential for future growth. The company mentioned that Netflix makes up less than 10 percent of all TV viewing time in the countries where it operates, which is pretty big overall. If Netflix feels like it can justify another price increase, it’s easier to do so when the company has such a big chunk of the market.

Source: Netflix, The Verge