Netflix subscribers the streaming company will see a significant increase in monthly subscription fees as it welcomes the new viewership.

a letter to shareholders on Tuesday, the company announced it was raising prices on most plans in the US, Canada, Portugal and Argentina.

According to Gregory K. Peters, CEO, president and director of Netflix, standard monthly memberships increased by a dollar to $7.99 per month.

Lucas Bahdi and Armando Casamonica fight during Netflix: Jake Paul and Mike Tyson on November 15, 2024 at AT&T Stadium in Arlington, Texas. (Getty Images for Sarah Stier/Netflix/Getty Images)

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Ad-free memberships will increase by more than two dollars to $17.99 a month, Peters said. Premium subscribers will have to pay an additional two dollars per month, bringing the monthly payment to $24.99.

Peters described the company's new prices as “highly accessible.”

“Over the past few quarters, you've seen us raise prices in a number of markets across EMEA, APAC and LatAm, including most plans and ads. And those changes have been smooth,” Peters said. “We certainly expect the same for these latest changes.

“I think it's worth mentioning and repeating that we believe our starting price — $7.99 in the US, $17.99 for a standard ad in Canada — is incredible entertainment value, and it's a very accessible entry point.”

The new prices are already reflected on the streaming service's website.

The Netflix logo is seen on a television remote control in this photo taken on Jan. 20, 2022. (REUTERS/Dado Ruvic/Reuters)

Netflix saw 19 million new subscribers in the fourth quarter, contributing to a total of 302 million subscribers globally.

Live events incl Jake Paul and Mike Tyson fight and two NFL games, which management believes have contributed to the company's recent success.

The fight was the most-streamed sporting event of all time, and on Christmas Day, the platform delivered two of the most-streamed NFL games in history.

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Theodore A. Sarandos, chief executive officer, president and director, noted the underlying economy full season major league sports difficult, but if there was a way to make it work, Netflix would look into it.

In addition, the company had success with the second season of its original series Squid Game, which garnered nearly 166 million views.

Other top performing shows are The Diplomat season 2 with 21.4 million views, Senna with 16.2 million views, The Empress season 2 with 21 million views, Outer Banks season 4 with 36.8 million views, The Lincoln Lawyer with 33.9 million views Virgin River season 6 with 3 seasons and 27.5 million views.

LOS ANGELES, CALIFORNIA – JUNE 12: (L-R) Netflix CEO Ted Sarandos and Lee Jung-jae attend Netflix's FYSEE event for 'Squid Game' at Raleigh Studios Hollywood on June 12, 2022 in Los Angeles, California they do. (Photo by Charley Gallay/Getty Images N (Getty Images for Harley Gallay/Netflix/Getty Images)

Management noted that the company currently earns only 6 percent of its revenue opportunity in the countries and segments it serves.

By improving and expanding its offerings, the company hopes to increase its share every year.

“As we continue to invest in programming and deliver more value for our members, we will sometimes ask our members to pay a little more so that we can reinvest to make Netflix even better,” the letter to investors said.

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Fourth-quarter revenue rose 16% year-over-year to $10.25 billion, the company said. A $15 billion share buyback sent shares up 13% on Tuesday afternoon.