- Israel says conducting review after UN peacekeepers wounded in Lebanon
- 'Party atmosphere': Skygazers treated to another aurora show
- Djokovic 'overwhelmed' after 'greatest rival' Nadal's retirement
- Zelensky in Berlin says hopes war with Russia will end next year
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Djokovic proves staying power as progresses to Shanghai semi-finals
- Hurricane Milton leaves at least 16 dead as Florida cleans up
- Britain face 'ultimate challenge' in America's Cup duel with New Zealand
- Lebanon calls for 'immediate' ceasefire in Israel-Hezbollah war
- Nihon Hidankyo: Japan's A-bomb survivors awarded Nobel
- Thunberg leads pro-Palestinian, climate protest in Milan
- Boat captain rescued clinging to cooler in Gulf of Mexico after storm Milton
- Tears, warnings after Japan atomic survivors group win Nobel
- 'Unspeakable horror': the attacks on Hiroshima and Nagasaki
- Stock markets diverge before China weekend briefing
- Christian villagers 'trapped' in south Lebanon crossfire
- Sabalenka sets up Gauff showdown in Wuhan semis
- EU questions shopping app Temu over illegal products risk
- Kim Sei-young holds lead with late birdies at LPGA Shanghai
- Toulouse welcome Dupont 'boost' as Olympic star returns to Top 14
- Japanese atomic bomb survivor group Nihon Hidankyo wins Nobel Peace Prize
- Deadly Israeli strike on Beirut likely targeted Hezbollah security chief
- Bangladesh Islamist chief backs crimes against humanity trial for ex-PM
- Everest climber's remains believed found after 100 years
- 20 Pakistan coal miners shot dead in attack
- Clashes on South China Sea, Ukraine dominate Asia summit
- Han Kang's books sell out in South Korea after Nobel win
- Zelensky meets Pope, Scholz as whirlwind Europe tour ends
- Hello Hallyu: why is South Korean culture sweeping the globe?
- UK economy rebounds in August in boost to new govt
- Voice of Japan's beloved robot cat 'Doraemon' dies
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
- 20 Pakistan coal miners shot dead in attack: police
- Blinken condemns China's 'increasingly dangerous' sea moves
- Toyota returns to Formula One as Haas partner
- EU chief says China must 'adapt its behaviour' to solve trade row
- Musk unveils robotaxi, pledges it 'before 2027'
- Lynx rally, stun Liberty in overtime in WNBA Finals opener
- Pogacar hunting 'perfect' season finale with Coppi's Il Lombardia record
- 'Soul of old Baghdad': city centre sees timid revival
- Kittle at the double as Niners hold off Seahawks
- At least 11 dead in Florida but Hurricane Milton not as bad as feared
- Yankees advance in MLB playoffs as Guardians stay alive
- Asian markets mixed after Wall St drop, Shanghai dips before briefing
- Automaker Stellantis says CEO will retire in 2026
- Musk's promised robotaxi unveil delayed
- Kamada says Japan can close in on World Cup place against Australia
- On US coast, wind power foes embrace 'Save the Whales' argument
RBGPF | -1.03% | 59.49 | $ | |
RYCEF | 0.58% | 6.92 | $ | |
CMSC | -0.14% | 24.555 | $ | |
NGG | 0.88% | 66.265 | $ | |
BTI | -0.04% | 35.095 | $ | |
RIO | 0.55% | 67.21 | $ | |
GSK | -1.03% | 38.811 | $ | |
AZN | 0.25% | 77.06 | $ | |
SCS | 2.48% | 12.92 | $ | |
CMSD | -0.28% | 24.7 | $ | |
RELX | 1.51% | 47.07 | $ | |
VOD | -0.78% | 9.665 | $ | |
BCC | 1.95% | 141.71 | $ | |
JRI | 0.08% | 13.23 | $ | |
BCE | 0.27% | 32.95 | $ | |
BP | -0.48% | 32.185 | $ |
Netflix subscribers jump despite price hikes
Netflix subscription numbers rocketed more than 13 million in the final three months of last year, the company said on Tuesday, despite price hikes at the leading streaming service.
Netflix finished 2023 with slightly more than 260 million subscribers worldwide, with a profit of $938 million in the final quarter versus just $55 million in the same period a year earlier.
"We believe there is plenty of room for growth ahead as streaming expands," the US company said in an earnings letter.
Netflix shares were up nearly 7 percent to $526.50 in after-market trades that followed the release of the earnings figures.
The streaming pioneer said that despite last year's strikes by Hollywood actors and writers, the company has a "big, bold" slate of content for release this year.
The company touted coming content including a sequel to the hit Squid Game series out of South Korea and a brand new "Body Problem" show based on the bestselling novel Game of Thrones.
"Choice and control are the price of entry in modern entertainment, and that is streaming," Netflix said in the letter.
"It's what consumers want, and we believe it’s the best way for our industry to stay relevant and growing."
The earnings news came the same day that Netflix sealed a long-term broadcast deal with the WWE professional wrestling juggernaut, as it pushes further into sporting events.
Beginning in the US in 2025, Netflix will become the exclusive new home of "Raw," the WWE's flagship program that has been broadcasting on television since 1993.
The agreement will also see WWE shows and live events streamed across the globe as their rights become available.
With an initial 10-year term for $5 billion, the deal has an option for Netflix to extend the deal for an additional 10 years or opt out after the initial five years.
- 'Highly competitive' -
"We expect our industry to remain highly competitive," Netflix said, citing heavy investment by rivals like Amazon, Apple, and YouTube.
"It's why continuing to improve our entertainment offering is so important."
Netflix late last year increased the price of its basic plan in the United States to $11.99 monthly and its premium plan to $22.99, with similar price "adjustments" seen in Britain and France.
After a period of rocky earnings, earlier in 2022, the Silicon Valley giant expanded its crackdown on users sharing passwords with people beyond their immediate family.
In a separate bid for revenue, Netflix launched an ad-subsidized offering around the same time as the crackdown and later eliminated its lowest priced ad-free plan.
The ad-supported tier, launched late last year, costs $7, though Netflix said it was not yet a main driver of overall revenue.
As the ad-tiers gain momentum, the company said on Tuesday that it would retire the lowest cost ad-free plan, starting with Canada and the UK in the second quarter of this year.
The company said earlier this month it has 23 million subscribers using the ad supported tier, which accounts for 40 percent of new sign-ups.
Netflix’s profit haul is in contrast to other streamers, such as Disney Plus or Amazon Prime, that have been drastically cutting costs.
A.Mahlangu--AMWN