Netflix subscribers increase despite price hikes

SAN FRANCISCO: Leading streaming service, Netflix added 13 million subscribers in the final three months of 2023, the company said.

Netflix finished 2023 with slightly more than 260 million subscribers worldwide, with a profit of $938 million in the final quarter versus just $55 million in the same period a year earlier.

“We believe there is plenty of room for growth ahead as streaming expands,” the US company said in an earnings letter.

Netflix shares were up more than 8 percent to $532.75 in after-market trades that followed the release of the earnings figures.

“Netflix sticks out as the clear front runner in the streaming wars,” said Insider Intelligence principal analyst Ross Benes.

The streaming pioneer said that despite last year’s strikes by Hollywood actors and writers, the company has a “big, bold” slate of content for release this year.

The company touted coming content including a sequel to the hit Squid Game series out of South Korea and a brand new “3 Body Problem” show based on a bestselling novel by the same name.

“Choice and control are the price of entry in modern entertainment, and that is streaming,” Netflix said in the letter.

“It’s what consumers want, and we believe it’s the best way for our industry to stay relevant and growing.”

The earnings news came the same day that Netflix sealed a long-term broadcast deal with the WWE professional wrestling juggernaut, as it pushes further into sporting events.