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The word “Netflix” shines brightly at the presentation of the new season (3) of the Netflix series “Bridgerton” in the Flora.
Rolf Vennenbernd | Picture Alliance | Getty Images
Netflix is hiking the price of most of its U.S. plans.
The streaming giant announced on Tuesday that its standard plan without commercials will increase from $15.49 a month to $17.99. Its cheaper, ad-supported plan, which was more recently introduced to attract more subscribers, will increase from $6.99 per month to $7.99.
In addition, the monthly cost of Netflix’s premium plan will increase from $22.99 to $24.99.
The company, which reported fourth-quarter earnings on Tuesday, said it will also raise prices in Canada, Portugal and Argentina.
Consumers have been faced with numerous price hikes in recent years across major streaming services including Netflix and its competitors, including Disney’s apps and Warner Bros. Discovery’s Max. Streamers have increasingly turned to higher prices and ad-supported plans as they look to reach profitability.
Netflix introduced its cheaper, ad-supported plan in November 2022 as a response to slowing subscriber growth at the time. In November, Netflix said it had reached 70 million global monthly active users on its ad plans.
The company has been enforcing a crackdown on password sharing in a push to get more customers paying for its service.
As part of that change, Netflix has given subscribers the option to add “extra members” to their accounts. The streamer said Tuesday the cost of extra members on standard plans without commercials will rise from $7.99 per month to $8.99. The extra members on ad-supported plans won’t see a price change.
The crackdown appears to be paying off: Netflix reported on Tuesday that it added a record 19 million paid memberships during the fourth quarter to surpass 300 million subscribers.
This is breaking news. Please check back for updates.
