Netflix is elevating costs once more

Netflix is elevating costs but once more. In its newest earnings report launched Tuesday, the streaming service introduced that “we’re adjusting costs right now throughout most plans” within the US, Canada, Portugal, and Argentina.

Netflix spokesperson MoMo Zhou tells The Verge that the ad-supported tier is rising from $6.99 to $7.99 per 30 days, whereas the usual ad-free tier will go from $15.49 to $17.99 per 30 days. Its highest-priced premium tier can be rising from $22.99 to $24.99 per 30 days. The value hikes will go into impact throughout subscribers’ subsequent billing cycle, in accordance with Zhou.

“As we proceed to spend money on programming and ship extra worth for our members, we’ll sometimes ask our members to pay somewhat extra in order that we will re-invest to additional enhance Netflix,” the corporate’s letter to buyers says. Netflix final raised the worth of its subscription in October 2023. That is additionally the primary time it’s elevating the worth of this ad-supported plan, which it rolled out in 2022.

Netflix added 19 million new subscribers over the previous few months — probably the most in its historical past throughout a single quarter — bringing its world complete to 300 million. That is the final time Netflix will reveal what number of subscribers it added in the course of the quarter, because the firm stated final 12 months that it will solely announce “main subscriber milestones as we cross them” beginning within the first quarter of 2025.

Even with a subscriber depend reaching new highs, and working earnings ballooning previous $10 billion for the primary time, Netflix executives consider the corporate nonetheless has room for progress. The corporate’s letter to buyers says it accounts for lower than 10 p.c of TV viewing within the nations it’s obtainable in, “which suggests a protracted runway for progress as streaming continues to increase around the globe.”

Together with the worth hike, Netflix introduced that it’s rolling out a brand new Additional Member with Advertisements plan, which can permit these on the ad-supported plan so as to add somebody outdoors their family to their subscription. It at present prices an additional $7.99 per 30 days so as to add somebody outdoors your family to an ad-free plan.

Replace, January twenty first: Added info from Netflix.