The public's enthusiasm for signing up and watching shows on Netflix has clearly not waned. Today, the premium streaming service announced (PDF document) that it added 13.12 million new subscribers worldwide in the fourth quarter of 2023, bringing the total number of paying users to 260.8 million.
Global revenue for the quarter was $8.833 billion, higher than expected and compared with $7.852 billion in the same period last year. Net income for the quarter was $938 million, up from $55.3 million in the same period last year.
Netflix's premium plans remain a popular and more affordable way to access the service. Netflix said today that ad user plans grew 70% in the fourth quarter of 2023 compared to the previous quarter. The company will begin removing the Basic ad-free program in more countries in 2024, starting with Canada and the United Kingdom in the second quarter.
At the same time, the company strongly hinted that we may see more price increases in 2024. it means
As we invest in and improve Netflix, we will occasionally ask members to pay some additional fees to reflect those improvements.
Netflix's gaming business, while still a small percentage of its overall revenue, remains strong, according to the company. It launched the Grand Theft Auto trilogy of mobile games in December, which Netflix said today was its biggest game launch to date and that "some consumers clearly signed up just to play the games."
While the 2023 Hollywood writers' and actors' strike did slow down the production of new shows and movies, Netflix says we can still expect a ton of original content in 2024. The second season of "Squidward" and the third season of "Bridgerton" will be released in 2024, and blockbusters such as "Beverly Hills Cop: Axel-F" will also be released next year. Starting in 2025. Netflix will become the nearly exclusive global streaming channel for WWE professional wrestling and will also bring weekly WWE Raw programming to the United States next year.
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