Netflix raises prices amid record growth

Netflix has announced that it will be increasing prices on select streaming plans in the United States, Canada, Portugal, and Argentina. The move comes on the heels of a record-breaking fourth quarter for the streaming giant, which saw it add 18.9 million new subscribers, bringing its global user base to nearly 302 million.

The price increases will vary depending on the plan. In the U.S., the ad-supported plan will rise from $6.99 to $7.99 per month, while the premium plan will increase to $24.99 per month, representing a 9% increase.

Netflix attributed the price hikes to the need for continued investment in high-quality content, including popular returning series like "Stranger Things" and "Wednesday," and a growing slate of live sporting events. The company also emphasized its focus on expanding its advertising business, with the ad-supported tier now accounting for 55% of new sign-ups in available markets.

"We're on track to double our ad revenue this year," said Netflix Co-CEO Greg Peters.

The company's strong fourth-quarter performance, driven by a combination of popular shows, live sporting events, and high-profile events like Beyonce's Super Bowl halftime performance, exceeded all expectations.

Looking ahead, Netflix plans to continue its focus on content, advertising, and live events while shifting its emphasis from subscriber growth to other key performance indicators, such as revenue and profit.

Also Read: Dhoom Dhaam Hits Netflix on Feb 14 – from Mandap to Madness