Netflix unwraps its greatest holiday season results: Gains 13M subscribers

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Netflix recorded its third consecutive quarter of rapid subscriber growth in the final three months of 2023, capping a comeback year that included cracking down on viewers consuming for free on the video-streaming service and hiking prices. 

It has signalled that it is trying to justify the higher subscription price and possibly attract more advertisers to a lower-cost plan that includes commercials, with a $10 billion deal announced on Tuesday. 

New services/Shows unwrap

Netflix will bring WWE’s ‘RAW’, a popular wrestling program, to its service.  

It is to be noted that fourth-quarter results were announced on Tuesday, which provided further evidence that Netflix succeeded in creating a formula that grew subscribers even as TV shows and movies became more expensive to watch. 

The weekly show, which is set to air on this OTT Platform next year, will consist of a lineup of TV shows, including shows like the Emmy Award-winning black comedy ‘Beef’ and the Oscar-nominated film ‘Maestro.’

Notably, creating such ideas helped Los Gatos, a California-based company, to gain 13.1 million subscribers across the globe during the October-December period. This information has been shared by FactSet Research. 

Spike in Netflix’s subscribers

Adding to the facts, the holiday season gave Netflix its biggest fourth-quarter gain ever. Netflix recorded about 8.8 million additional subscribers in the period of July-September, more than the number recorded in the quarter at the beginning of the year. 

As per the sources, the growing number of subscribers will see Netflix’s global customer base reach more than 260 million by the end of 2023, and it recorded an annual increase of about 30 million subscribers. 

This OTT platform experienced a downfall in its subscribers in 2023, whereas in 2022, it had recorded 8.9 million subscribers. Due to the downfall, people raised questions about whether the video-streaming pioneer was losing steam under the pressure of stiffening competition.

However, Netflix managed to bounce back primarily through a lower-priced streaming plan that incorporated commercials into its service for the first time. It initiated an effort to block viewers who were accessing the service for free using the passwords of paying subscribers.

Additionally, Netflix has been the leading innovator of today, revolutionizing how people around the world watch movies and television. 

According to the reports, it has made around $4.5 billion in profit in the last four quarters, while most of its competitors are losing money in streaming. 

Ana Allen
Ana Allenhttp://writeups24.com
Anna Allen, news writer at Writeups24, is a Harvard graduate with a passion for journalism. With her keen eye for detail and insatiable curiosity, she captures the essence of global stories. Anna's writing informs and delves into cultural nuances. To reach Anna, you can email contact@writeups24.com

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