Netflix Inc. has announced hikes in its subscription rates in the U.S. and Canada close on the heels of reporting a massive increase in the number of subscribers to the streaming platform and profit rise in the fourth quarter.
Tuesday, the streaming giant reported addition of 19 million new subscribers for its fourth quarter, its biggest-ever subscriber gain in any quarter.
With an overall 302 million subscribers across the world, the company extended its domination in the industry well ahead of its competitors.
While Disney, Max, Peacock and Apple have already increased their subscription rates in recent years, Netflix is hiking the price of its standard plan after a gap of three years.
Earnings for its latest quarter increased from the same period last year and also beat the Street expectations.
The company's bottom line came in at $1.869 billion, or $4.27 per share. This compares with $938 million, or $2.11 per share, last year.
Netflix's revenue for the period also rose 16 percent to $10.247 billion from $8.833 billion last year.
The streaming of the high-profile boxing match between Mike Tyson and Jake Paul in November, two Christmas Day NFL games, 'Squid Game' season 2, and WWE 'Raw' live broadcasts have reportedly helped attract millions of new subscribers to the entertainment service.
Netflix plans to increase its standard monthly membership without advertisements from $15.49 to $17.99, standard account with commercial breaks from $6.99 to $7.99, and premium tier from $22.99 to $24.99.
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