Netflix has extended its lead in the streaming race, signing up a record 13.1 million new subscribers during Q4 2023, and the platform now has more than 260 million paying customers worldwide.
The jump is largely attributed to a 73% increase in ad-tier subscribers, which now total 23 million. And thanks to this new influx of users, Netflix finished 2023 with US$8.83 billion in revenue, up 12% from 2022 (US$7.85 billion).
The US/Canada region (UCAN) remains the streamer’s most important market, accounting for US$3.9 billion in revenue last year (up 3% from 2022). But LatAm was Netflix’s top-earning market from October to December last year, balancing out a 5% slide in APAC.
In terms of top-performing content for kids, CG-animated comedy film Leo (from Adam Sandler’s Happy Madison Productions) has racked up more than 108 million views worldwide since its November launch. And Aardman’s stop-motion sequel Chicken Run: Dawn of the Nugget (pictured) has been watched more than 43.8 million times since debuting in December.
Outside of its core TV & film business, Netflix plans to expand its video game library and live sports vertical this year. To that end, the streamer inked a US$5-billion multi-year deal with the LA-based TKO Group earlier this month for the exclusive rights to broadcast episodes of WWE Raw live beginning in January 2025.
In a letter to shareholders, Netflix says it expects to see double-digit growth in 2024 as it continues to scale its advertising business and develop new live experiences and consumer products extensions. For Q1, the company is forecasting a 13% increase in revenue to US$9.24 billion, compared to the same period last year (US$8.16 billion).