Netflix has announced a price increase for most of its subscription plans in the U.S. and Canada. The updated pricing will affect multiple tiers, including Standard and Premium plans and this marks the first time the ad-supported tier will see a price increase. The changes were released with the company’s Q4 2024 earnings report.

New subscription prices in the U.S. and Canada

In the U.S., Netflix’s Standard plan without ads will increase by $2.50, bringing the monthly cost to $17.99 from the previous $15.49. The ad-supported plan will now cost $7.99 per month, up by $1. The Premium plan will now be priced at $24.99, reflecting a $2 increase. 

The cost of adding an Extra Member to a primary account will also increase by $1, reaching $8.99 per month.

In Canada, the Standard plan with ads will now cost $7.99 monthly, a $2 increase. The Standard plan without ads will rise by $2.50 to $18.99, while the Premium plan will see the largest hike, increasing by $3 to $23.99 per month.

In October 2023, Netflix previously raised prices for its Basic and Premium plans, while phasing out its least expensive ad-free option in several markets.

Netflix's statement on the price increase

Netflix says the price adjustments will allow it to continue investing in content and delivering value to its subscribers. “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,” the company stated in its letter to investors.

Netflix also confirmed that similar price changes would take place in other markets, including Portugal and Argentina, as previously outlined in its 2025 financial guidance.

Strong financial performance and subscriber growth

The price changes come as Netflix reported strong financial performance for Q4 2024, adding nearly 19 million new subscribers. The company achieved a 16% year-over-year revenue growth, surpassing $10 billion in a single quarter for the first time.

Netflix says its financial growth was driven by programs including the NFL games, Carry On and Squid Game 2. According to Nielsen, the platform accounted for 8.5% of the U.S. TV viewing in December, matching its previous high from July 2023.

The industry-wide trend of price changes

Netflix's price increases follow a trend across the streaming industry. Competitors like Disney+, Hulu, Warner Bros, and Discovery’s Max have also raised subscription fees in recent months.

Disney+ now charges $15.99 per month for its ad-free plan, while Hulu’s ad-free option increased to $18.99. YouTube TV’s monthly fee also rose to $82.99. 

What subscribers can expect

Existing Netflix subscribers will see the new pricing reflected in their next billing cycle. The company also introduced an “Extra Member With Ads” plan in select markets, expanding options for households looking to add users at a lower cost.

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