Netflix ended 2024 with a record number of new subscribers.
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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, attributing the success to high-profile live sporting events and new programming. Now the bad news: The company also announced a widespread increase in subscription prices.
Three things to know:
- The company reported nearly 19 million new subscribers in the final fiscal quarter of 2024, the largest subscription increase ever recorded over a three-month period. This puts them at a total of 302 million subscribers worldwide, the most of any streaming platform.
- Netflix also announced a price increase for all subscription tiers in the United States. The standard ad-supported account now costs $7.99 per month, ad-free subscriptions cost $17.99, while the premium plan costs $24.99. This reflects price increases of $1, $2.50 and $2 per month, respectively.
- This comes a few months after Netflix’s last price hike, when the company eliminated its cheapest, ad-free option.
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What is Netflix doing right?
Well, it seems the company’s forays into live sports have resonated with viewers. In their letter to investorsthe company focused on the success of its live-streamed and heavily promoted boxing match between Mike Tyson and Jake Paul on November 15. The match attracted 60 million households and, according to Netflix, made it the most broadcast sporting event in history (despite significant technical problems, which left subscribers furious and critics wondering if Netflix could stage events of this magnitude.)
Its next big sporting events happened with far fewer problems: two NFL games streamed on the platform weeks later, and including a much-talked-about Beyoncé halftime show. A very expensive WWE wrestling reboot is also planned for 2025.
Another factor in Netflix’s success? Popular shows that exceeded company expectations, like the second season of Squid games. The industry’s largest streaming platform hopes audiences will be just as eager to see other shows return in 2025 with new seasons, like Wednesday And Stranger Things.
