Netflix saw its largest quarterly subscriber increase ever in Q4 2024, surpassing 300 million subscribers for the first time. This growth was fueled by the massive success of Squid Game season 2 and the company’s ongoing push into live sports content.
In Q4 alone, Netflix gained 18.91 million new subscribers, bringing its total paid memberships to 301.6 million, a 15.9% increase from the previous year. The company’s previous largest quarterly increase came at the start of the COVID-19 pandemic, with 15 million new subscribers in Q1 2020.
This will be the last quarter Netflix reports subscriber growth in this manner, as the company shifts its focus away from incremental membership additions across various pricing tiers. Going forward, Netflix will emphasize revenue, operating margin, and member engagement as key performance indicators, with engagement serving as a gauge of customer satisfaction.
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For Q4 2024, Netflix reported a revenue increase of 16% year-on-year, totaling $10.25 billion. Operating income climbed 22.2% to $2.3 billion, and the operating margin grew by the same percentage. Net profit nearly doubled to $1.87 billion compared to the previous year.
For the full year, Netflix’s revenue reached $39 billion, marking a 16% increase, and its operating profit surpassed $10 billion for the first time. The company also added a record 41 million new subscribers throughout 2024.
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In the Asia-Pacific region, which includes key markets like India, Netflix added 4.94 million subscribers, bringing the regional total to 57.5 million. Revenue from the region grew 25.9% year-on-year to $1.2 billion, making up 11.8% of Netflix’s total revenue in Q4.
While Netflix didn’t provide specific subscriber numbers for India, the country remains a crucial market for its growth. In Q2 2024, India was cited as the second-largest market for subscriber additions and the third-largest in terms of revenue growth percentage, although precise figures were not disclosed.