Great news if you own shares in Netflix – the streamer just reported extra-large profits after a year of big changes at the company.
Releasing its full revenue from UK subscribers for the second time (the company stopped funneling their cash through the Netherlands in 2020), Netflix have announced they made £1.54B last year, an increase of 12% on the previous year’s revenue of £1.4B.
Netflix’s average number of paid UK memberships increased by 4% last year, while it also enjoyed 14% growth in the average money it made from each subscriber.
What’s more surprising is this only takes into account earnings in the 12 months to the end of December 2022, meaning the crackdown on password sharing (and corresponding subscriber bump) which happened this summer is yet to be taken into account. Looks like next year could see Netflix doing even better than we all thought.
Read more: How The Flash went from ‘one of the best superhero movies ever’ to financial disappointment
The news comes as other streaming services, including Disney Plus and Max (formerly HBO Max) in the states continue to erase finished content in an attempt to make their platforms more profitable. While all the streamers are notoriously cagey about making subscriber counts and viewing figures public (Deadline reckon about 17.2 million UK households had access to the platform in 2022), at the moment it seems like Netflix is in the minority in running a service actually capable of turning a profit without other business interests supporting it.
Commenting on the news, Netflix said: “The UK is our most important production hub outside North America and we are deeply committed to making Netflix series and films here. Since 2020 we have invested almost $6 billion in making shows like Heartstopper, The Crown, and Top Boy. This is an increase of nearly 50% on what we originally anticipated and has created thousands of jobs right across the country.”
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