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Netflix gets 13 million subscribers in the 4th quarter even after price hikes: REPORT
Netflix captured more than 13 million customers in the fourth quarter, the company announced Tuesday, extending its lead in the streaming video market.
Netflix is one of the biggest streaming platforms across the world and it has proved it once again! Netflix, the American OTT streaming network, added 13.1 million paid customers worldwide in the fourth quarter, including 2.91 million in APAC (Asia & Pacific). The company does not publish country-specific figures, but it cited the success of its non-English language content, such as The Railway Men from India (which has 11.2 million views), as a driver.
We believe there is plenty of room for growth ahead as streaming expands, and our north star remains the same: to thrill members with our entertainment. If we can continue to improve Netflix faster than the competition, we’ll have an increasingly valuable business — for consumers, creators and shareholders.”
Netflix is on top even after price hikes
In the fourth quarter, the corporation recorded revenue of $8.8 billion, a 12.5% increase over the same period last year. Net income was $938 million, compared to $55 million in Q4 2022. According to FactSet, Netflix exceeded analyst projections for sales of $8.72 billion but fell short of net profitability estimates of $990 million.
Netflix raised its monthly price
Late last year, Netflix raised the monthly price of its basic plan in the United States to $11.99 and its premium plan to $22.99, with similar hikes in Britain and France. Following a time of shaky results earlier in 2022, the Silicon Valley giant tightened its restrictions on customers sharing passwords with anybody other than their immediate family.
Around the same time as the crackdown, Netflix released an ad-subsidized pack to increase revenue. According to Netflix, the ad-supported tier is priced at $7 per month and is rapidly rising, although it has yet to become the primary generator of overall revenue.
Netflix's new deal
Netflix announced earlier on Tuesday an enormous sports rights deal with WWE, which would bring the weekly pro wrestling show Raw to Netflix in the United States, Canada, the United Kingdom, Latin America, and other regions beginning in January 2025. The streamer will also carry WWE programming and specials outside the US, including SmackDown and NXT, its live events such as WrestleMania and WWE documentaries and series.
According to a regulatory filing from TKO, WWE's parent company, the contract is for an initial 10 years with rights fees totaling more than $5 billion, with the option for Netflix to extend the term.
Netflix shares finished at $492.19 per share, up 1%, then increased by approximately 8% in after-hours trading to $531.35. In an earnings presentation, Netflix Co-Chief Executive Ted Sarandos stated that WWE Raw is in the sweet spot of its sports business, which is sports drama rather than day-to-day coverage of professional athletics.
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