By Emma Roth
Netflix is raising prices yet again. In its latest earnings report released Tuesday, the streaming service announced that “we are adjusting prices today across most plans” in the US, Canada, Portugal, and Argentina.
Netflix spokesperson MoMo Zhou tells The Verge that the ad-supported tier is increasing from $6.99 to $7.99 per month, while the standard ad-free tier will go from $15.49 to $17.99 per month. Its highest-priced premium tier is also increasing from $22.99 to $24.99 per month. The price hikes will go into effect during subscribers’ next billing cycle, according to Zhou.
“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 company’s letter to investors says. The Verge reached out to Netflix with a request for more information about the price changes but didn’t immediately hear back.
Netflix added 19 million new subscribers over the past few months — the most in its history during a single quarter — bringing its global total to 300 million. This is the last time Netflix will reveal how many subscribers it added during the quarter, as the company said last year that it would only announce “major subscriber milestones as we cross them” starting in the first quarter of 2025.
Even with subscribers ballooning to new highs, Netflix executives believe the company has room for growth. The company’s letter to investors says it accounts for less than 10 percent of TV viewing in the countries it’s available in, “which suggests a long runway for growth as streaming continues to expand around the world.”
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This article originally appeared here and was republished with permission.
