Netflix Gains 8 Million Global Subscribers Amid Price Hikes and Push to Ad-Supported Streaming
Netflix has gained more than 8 million global paid subscribers since April, according to new subscriber information included in the company's second quarter earnings results [PDF]. With the jump in paid subscriptions, Netflix now has a total of 277.65 million paid subscribers around the world, marking 16.5 percent year-over-year growth.
Ad tier memberships increased 34 percent quarter-over-quarter, thanks to Netflix pushing its ad-supported tier. Netflix eliminated its cheapest ad-free "Basic" subscription tier last year, and earlier in July, the company began warning customers in the UK and Canada that they would need to move to a new plan.
In the United States, the Basic plan was priced at $9.99 per month, but the cheapest ad-free Netflix plan is now priced at $15.49 a month. Netflix had been allowing customers that were already on the Basic plan to continue using it, but that is being phased out. Ad tier memberships grew 34 percent from the first quarter to the second quarter of 2024.
Netflix with ads is priced at $6.99 per month, and it includes between four and five minutes of ads per hour. Ads vary in length from 15 to 30 seconds and play before and during TV shows and movies. The company says that it will soon test an in-house ad tech platform in Canada, with plans to launch it broadly in 2025.
Netflix saw 17 percent growth in revenue year-over-year, and it is expecting overall 2024 growth to be at 14 to 15 percent. Netflix is expecting ad memberships to increase in 2025 and beyond, with ad revenue becoming a more meaningful contributor to its business.
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