Netflix Plans Further Price Hikes, Retires Basic Ad-Free Plan

Company's crackdown on password sharing and introduction of ad-supported option leads to significant subscriber growth.

Netflix announced plans for further price hikes and the retirement of its Basic ad-free plan in Q2 2024, starting in the UK and Canada, during its Q4 2023 earnings report.
The company's ad-supported plan, which costs $6.99 per month, now accounts for 40% of all Netflix sign-ups in its ad markets.
Netflix's crackdown on password sharing and introduction of a cheaper ad-supported option contributed to a significant increase in subscribers, with the company adding 13.1 million new customers in Q4 2023.
The company's revenue grew 12.5% year over year to $8.8 billion, beating the $8.72 billion consensus estimate expected by Zacks Investment Research.
Netflix is focusing on scaling its ad business over the coming years, with co-CEO Greg Peters stating that the company has 'years of work ahead' to make the ads business a 'material impactor' to their general business.