Netflix ended 2024 with record number of new subscribers. Mario Tama/Getty Images Hide caption
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Mario Tama/Getty Images
First, the good news. Netflix reported a record increase in new subscribers in the final quarter of 2024, driven by high-profile live sporting events and the success of new programming. Now, the bad news. The company also announced that it will increase subscription prices across the board.
Three things you should know:
The company reported nearly 19 million new subscribers in the final quarter of 2024. This is the largest increase in subscribers in three months ever. This brings the total number of global subscribers to 302 million, the most of any streaming platform.
Netflix also announced price increases for all subscription tiers in the United States. A standard account with ads costs $7.99 per month, an ad-free subscription costs $17.99, and a premium plan costs $24.99. This reflects price increases of $1, $2.50, and $2 per month, respectively.
This comes months after Netflix’s last price increase, which saw it eliminate its cheapest ad-free option.
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What is Netflix doing right?
It appears that the company’s foray into sports broadcasting is resonating with viewers. In a letter to investors, the company highlighted the success of its livestream of the highly publicized Mike Tyson vs. Jake Paul boxing match on Nov. 15. The game reached 60 million households, making it the most-streamed game, according to Netflix. It was a historic sporting event (despite some major technical glitches, outraged subscribers, and critics questioning whether Netflix could pull off such a massive event). .
The next big sporting event went off with far fewer problems. Two NFL games were streamed on the platform in the coming weeks, including Beyoncé’s widely talked about halftime show. A very expensive reboot of WWE Wrestling is also planned for 2025.
Another factor in Netflix’s success: Popular shows that exceeded the company’s expectations, such as the second season of Squid Games. The industry’s largest streaming platform is hoping viewers are just as eager to see other shows returning for new seasons in 2025, such as Wednesday and Stranger Things.
