In a significant update for its subscribers, Netflix has reported tremendous growth in its user base, attributing this success in part to the highly anticipated release of Squid Game 2. During the fourth quarter of 2024, the streaming giant surpassed a remarkable 301 million paid memberships, marking a 16% increase, which translates to an additional 18.91 million new subscribers — the largest growth in the company's global history.
However, alongside this encouraging news, Netflix also announced its plan to increase prices for U.S. subscribers — the third price hike in three years. Starting this month, the new rates will see the Standard plan with ads priced at $7.99, the ad-free Standard plan climbing from $15.49 to $17.99, and the Premium plan now set at $24.99. Price increases will also affect subscribers in Canada, Portugal, and Argentina.
The following table outlines the upcoming changes in subscription pricing:
| Plan | Jan '25 | Oct '23 | Jan '22 | Oct '20 | Jan '19 | Oct '17 |
| Standard with ads | $7.99 | $6.99 | - | - | - | - |
| Basic | - | $11.99 | $9.99 | $8.99 | $8.99 | $7.99 |
| Standard | $17.99 | $15.49 | $15.49 | $13.99 | $12.99 | $10.99 |
| Premium | $24.99 | $22.99 | $19.99 | $17.99 | $15.99 | $13.99 |
The company's Q4 performance exceeded expectations, bolstered by the success of Squid Game 2, which is on track to become Netflix's most-watched original series season. Other highlights include Carry-On landing in the all-time Top 10 films list, and record-breaking streaming numbers for the Jake Paul vs. Mike Tyson fight along with NFL games on Christmas Day.
Overall, Netflix reported a 16% increase in Q4 '24 revenue and nearly doubled its net income compared to the same quarter last year. The outlook remains positive, with expectations for continued growth in revenue, operating profit, and net income over the coming months.
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