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Netflix raising prices after reporting its biggest-ever subscriber jump

Jan 21, 2025, 3:39 PM

The Netflix logo is seen on top of their office building in Hollywood, California, in January 2022....

The Netflix logo is seen on top of their office building in Hollywood, California, in January 2022. (Robyn Beck/AFP/Getty Images via CNN Newsource)

(Robyn Beck/AFP/Getty Images via CNN Newsource)

NEW YORK (CNN)Netflix announced Tuesday it will raise prices on most of its subscription tiers in the US and Canada after the streaming giant reported 19 million new subscribers in the last quarter of 2024.

The jump in subscribers, Netflix’s biggest-ever, puts the streaming giant at 302 million globally, solidifying the company’s hold on the top spot in the industry.

Netflix attributed the service’s latest success to the Mike Tyson and Jake Paul boxing match in November, which it said drew 108 million viewers worldwide, making it the most-streamed sporting event ever. The streamer later hosted two Christmas Day NFL games, which averaged 30 million global viewers, making them the most-streamed football games in history.

Subscriptions were also buoyed by the success of “Squid Game” season two, the platform’s biggest premiere to date, which drew 68 million views in its first week. Earlier this month, Netflix also added WWE “Raw” live broadcasts on Monday nights.

The price increases announced Tuesday will see the standard monthly membership without advertisements increase from $15.49 to $17.99, while a standard account with ads will rise one dollar to $7.99. Its highest-priced premium tier, which includes 4K video quality, will increase by $2 to $24.99.

“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 said in a letter to investors.

Netflix also reported revenue increased 16%, exceeding $10 billion for the first time in the company’s history, while operating income totaled $2.3 billion, a 52% on-year increase.

The company’s stock surged 13% on the news Tuesday afternoon.

The earnings report marks the final time Netflix will publicly report its paid membership figures on a quarterly basis, though the company has said it will continue to share key membership milestones as they happen.

This is a developing story and will be updated.

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Netflix raising prices after reporting its biggest-ever subscriber jump