Netflix is raised its prices for U.S. subscribers on Tuesday, January 21st, effective immediately. According to a report by Variety, the streamer broke the news in its quarterly letter to investors alongside announcements of its earnings in the fourth fiscal quarter of 2024, which included its biggest-even increase in subscribers for a single quarter. This is the first time Netflix has raised the price of its ad-supported tier since its introduction, and the company’s first price hike overall since October of 2023. Netflix said that the money from increased subscription prices will go to improving its services and content offerings.
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Under the new pricing structure, Netflix’s “Standard with ads” plan will go from $6.99 per month to $7.99 per month. “The Standard” plan will also rise from $15.49 to $17.99 per month, and the “Premium” plan will go up from $22.99 per month to $24.99 per month. Even the “Extra Member” add-on, which allows “Standard” and “Premium” users to access the service outside of their own households, will rise in price from $7.99 to $8.99 per month.
“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,” read Netflix’s letter. “To that end, we are adjusting prices today across most plans in the U.S., Canada, Portugal and Argentina (which was already factored into the 2025 guidance we provided in October 2024).”
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While the letter suggested that these price hikes would start immediately, the previous prices are still in place at the time of this writing. The letter also noted that Netflix acquired 18.9 million new subscribers in the fourth quarter of 2024 — the biggest gain ever in a single quarter. The company reported that 55 percent of new subscribers joined on the ad-supported tier, and outlined plans to increase advertising revenue in 2025.
The streamer also highlighted some of the big releases it has coming this year, which will hopefully help the company hang onto subscribers. That includes new seasons of both Squid Game and Wednesday as well as the series finales of You and Stranger Things.
Netflix last raised its prices in October of 2023. While it has not increased the subscription cost since then, it has done away with its cheapest ad-free tier and introduced “Standard with ads,” effectively making it the only option for customers at that price point. The streamer continues to dominate the streaming market, even if announcements like this one cause a stir on social media.
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Image Credit: Marvel Comics
