Netflix is raising prices again: Here's when, and how much your bill is going up

(NEXSTAR) — Netflix ended 2024 on a high note, adding nearly 19 million subscribers amid its holiday slate of live sports, but that isn't keeping it from raising subscription fees again.

In a letter to shareholders Tuesday, Netflix said it is "adjusting prices today across most plans in the US, Canada, Portugal and Argentina."

"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 letter explained.

The letter did not immediately outline the new pricing and, as of Tuesday evening, Netflix's website was still showing prices set during the last increase in November 2023: $6.99 a month for standard with ads, $15.49 per month for standard, and $22.99 for premium.

Co-CEO Greg Peters, however, revealed in an earnings call that the standard with ads plan will rise to $7.99 in the U.S. The standard plan is rising to $17.99 while premium will jump to $24.99, Nexstar's WDTN reports.

"Our pricing philosophy hasn't changed. It's pretty much the same as we've talked about for the last several years. We look to continually provide more value to our members seeking to wisely invest to increase the variety and quality of our entertainment offering," Peters said, adding that Netflix listens to its members, looking for engagement and retention.

When Netflix determines it has reached an "increase in value," Peters said, "we ask [members] to pay a bit more to keep that virtuous cycle going."

"When you're going to ask for a price increase, you better make sure you have the goods and engagement to back it up," co-CEO Ted Serandos added, pointing to the return of some of its biggest series — "Wednesday," "Stranger Things," and "Squid Games" — as well as new films and live sports.

The latter proved beneficial for Netflix to round out 2024.

Its streaming of a widely watched fight between YouTube sensation Jake Paul and former heavyweight boxing champion Mike Tyson in addition to two National Football League games on Christmas Day helped Netflix to easily surpass the 13 million subscribers that picked up in the same quarter during 2023.

Netflix ended last year with more than 300 million worldwide subscribers, an increase of 41 million from 2023. That eclipsed its previous best year of growth during 2020 when its service added more 36.6 million subscribers amid pandemic lockdowns that kept people corralled at home and desperate for entertainment.

Besides asking subscribers to pay more, Netflix is trying to sell more advertising as part of an initiative that began in late 2022 with the introduction of a low-priced version of its service that included periodic commercial interruptions for the first time. The commercials are shown to all subscribers during live programming, one of the reasons Netflix is focusing more on the segment, leading to high-priced deals with the NFL, World Wrestling Entertainment and the Women’s World Cup.

Peters told investors during the conference call that the ad-supported service accounted for more than half of Netflix's new subscribers during the last quarter.

The Associated Press contributed to this report.

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