Netflix Inc on Tuesday said that it added nearly 19 million subscribers during the holiday season to finish last year with more than 300 million.
Company executives credited steady investments in shows and movies with helping power growth at the streaming behemoth, while announcing it is increasing prices in Argentina, Canada, Portugal and the US.
“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 reinvest to further improve Netflix,” the company said in a letter to investors.
Photo: Reuters
Premium and standard memberships in the US are to cost US$2 more per month, US$25 and US$18 respectively, while a standard ad-supported tier would be US$8, an increase of US$1, the company said.
In the final quarter of last year, the streaming juggernaut said it logged profit of US$1.87 billion on revenue of US$10.25 billion that grew double digits from the same period the previous year.
Netflix shares jumped more than 14 percent to top US$993 in after-market trading.
“We enter 2025 with strong momentum, coming off a year with record net additions — 41 million — and having reaccelerated growth,” Netflix executives told investors.
They added that Netflix is in a “leadership position” when it comes to engagement, with about two hours daily per paid member.
“Our business remains intensely competitive with many formidable competitors across traditional entertainment and big tech,” Netflix executives said.
Netflix ended last year with a strong lineup that included a second season of the global hit Squid Game, the hit movie Carry-On, and the boxing match between Jake Paul and Mike Tyson.
Netflix forecast revenue this year of between US$43.5 billion and US$44.5 billion, and is targeting a healthy 29 percent operating margin.
Netflix shares have gained 80 percent over the past year, significantly outperforming the S&P 500.
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