The sound of Tudum just got more expensive.
Netflix announced Tuesday, Jan. 21, it will raise prices on most of its plans in the U.S., Canada, Portugal, and Argentina, according to tech site The Verge.
The price hikes come as the streaming giant released its latest earnings report, which included record quarterly growth, adding nearly 19 million subscribers in the fourth quarter. The company now has 300 million subscribers worldwide.
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For the first time, Netflix is increasing the cost of its ad-supported plan, launched in 2022. The plan will rise from $6.99 to $7.99 per month.
The standard ad-free plan will jump from $15.49 to $17.99, and the premium tier will increase from $22.99 to $24.99 per month.
The streamer told investors in its earnings statement, “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 last time the company raised its prices was in October 2023, and this comes as the media giant keeps growing its offerings.
Alongside the price increases, Netflix is introducing a new “Extra Member with Ads” plan, allowing users on ad-supported subscriptions to add someone outside their household. Expect details soon.
Netflix is raising its prices as it adds more live shows to attract viewers. Recent live programming events include a record-breaking boxing match between Mike Tyson and Jake Paul, streamed live to 108 million viewers worldwide, and two NFL Christmas Day games featuring music performances by Beyoncé and Mariah Carey.
Despite hitting new records with more subscribers and over $10 billion in profit, executives see even more room to grow.
They noted Netflix accounts for less than 10 percent of TV watching in its markets, leaving potential as streaming expands globally.
The changes will take effect on subscribers’ next billing cycle.
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