First, the good news. Netflix reported a record increase in the number of new subscribers for the final quarter of 2024, attributing the success to high-profile live sports events and new programs. Now, the bad news: The company also announced its raising its subscription prices across the board.
Three things to know:
- The company reported nearly 19 million new subscribers during the last fiscal quarter of 2024, their largest subscription jump ever during a three-month period. That puts them at a total of 302 million global subscribers, the most of any streaming platform.
- Netflix also announced a bump in prices for all subscription tiers in the U.S. The standard account with ads now costs $7.99 per month, ad-free subscriptions are $17.99, while the premium plan is $24.99. This reflects price hikes of $1, $2.50 and $2 per month, respectively.
- This comes months after Netflix's last price hike, when the company eliminated its least expensive, ad-free option.
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What's Netflix doing right?
Well, it seems that the company's forays into live sports have resonated with viewers. In their letter to investors, the company focused on the success of their highly promoted live-streamed boxing match between Mike Tyson and Jake Paul on Nov. 15. The match drew 60 million households and, according to Netflix, makes it the most-streamed sporting event in history (despite significant technical glitches, which left subscribers fuming and critics wondering if Netflix could pull off such large-scale events.)
Its next big sporting events went off with far fewer problems: two NFL matches that streamed on the platform weeks later, and included a widely talked about Beyoncé halftime show. A very expensive reboot of WWE wrestling is also in the mix for 2025.
Another factor for Netflix's success? Popular shows that outperformed the company's expectations, like the second season of Squid Game. The industry's largest streaming platform is hoping audiences are just as eager for other shows returning in 2025 with new seasons — such as Wednesday and Stranger Things.
Go deeper with NPR on all things entertainment
- Curious about the future of sports and streaming? Learn why Australian Open live streams look like Wii Tennis.
- And for more cultural analysis, listen to the It's Been a Minute podcast, where host Brittany Luse goes beyond the obvious takes. Because culture doesn't happen by accident.
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