Netflix recorded a record increase in the number of subscribers – Kommersant
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Netflix reported for the final quarter of 2023, it turned out to be the most successful fourth quarter in the company’s history in terms of net user growth. The service’s subscriber base increased by 13.1 million people, and at the end of 2023, the number of users amounted to 260.3 million people, which is almost 13% more than in 2022.
The streaming service’s revenue in the fourth quarter grew by 12% year on year and reached $8.83 billion. Net profit rose to $938 million, which is slightly worse than analysts’ forecasts, which expected this figure to be $956 million. Nevertheless, the company’s shares traded over-the-counter increase in price by almost 10%.
As noted in the report, the company managed to increase revenue and the number of subscribers thanks to tightening tariff policy. So, in May the service allowed Users can share their account passwords only for an additional fee – $7.99 per month. But in July the company stopped provide new users with the opportunity to subscribe to the basic subscription rate. Now they have access to only the standard tariff (with advertising for a smaller amount or without it, but much more expensive) and the premium one, which provides the ability to watch the service’s shows on four devices at the same time.
On the eve of Netflix entered into a multi-year agreement agreement with the wrestling broadcasting corporation WWE (World Wrestling Entertainment). According to the terms of the deal, the service will begin broadcasting wrestling matches in the USA, Canada, Great Britain, Latin America and a number of other countries from 2025. Netflix paid $5 billion for the rights.
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