California – Netflix achieved a historic milestone in 2024, closing the year with 301.63 million global subscribers. The record-breaking numbers were revealed in the company’s fourth-quarter earnings report, which also highlighted a significant $10.4 billion in revenue for the period.
Record Subscriber Growth
The streaming giant added 18.91 million new subscribers during Q4, marking a 15.9% increase compared to the same period last year. The surge far exceeded projections, which initially estimated a gain of 9.18 million subscribers.
This growth builds on Netflix’s strong Q3 performance, where 5.1 million new subscribers brought its total to 282.72 million. The company attributed the success to its robust content lineup, stating in its shareholder letter, “Our Q4 slate outperformed even our high expectations.”
Key Drivers of Growth
Several standout releases contributed to the platform’s rapid expansion:
- “Squid Game” Season 2: On track to become one of Netflix’s most-watched original series.
- “Carry-On”: Entered Netflix’s all-time Top 10 films list.
- Jake Paul vs. Mike Tyson Fight: The most-streamed sporting event in the platform’s history.
- Christmas Day NFL Games: Two record-breaking broadcasts.
Regional Breakdown
The subscriber growth was geographically diverse, with gains across all major regions:
- U.S. and Canada: 4.82 million new subscribers
- Europe, Middle East, and Africa (EMEA): 5 million
- Latin America: 4.15 million
- Asia-Pacific: 4.94 million
Financial Highlights
Netflix reported $10.4 billion in Q4 revenue, surpassing Wall Street’s forecast of $10.11 billion. Earnings per share (EPS) came in at $4.27. However, the company announced that this would be the final quarter it discloses subscriber numbers in its reports, opting instead to focus on revenue and engagement metrics in the future.
Expectations for 2025
Looking ahead, the company aims to continue its momentum with ambitious plans for 2025:
Content Expansion: A larger slate of series and films, including more live programming and interactive gaming experiences.
Ad-Supported Tier: Continued investment in its lower-cost subscription model.
Gaming Growth: Co-CEO Greg Peters outlined plans to expand Netflix’s gaming portfolio, emphasizing narrative-driven games based on popular Netflix intellectual properties, as well as family-friendly co-op experiences.
Netflix projects 2025 revenues of $43.5–$44.5 billion, with an anticipated operating margin of 29%.
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