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Netflix’s Q4 Breaks Records with ‘The Crown’ and ‘The Killer

Netflix’s Q4 Breaks Records with ‘The Crown’ and ‘The Killer

Netflix’s Q4 Breaks Records with ‘The Crown’ and ‘The Killer

Netflix’s Q4 Breaks Records with ‘The Crown’ and ‘The Killer

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  • Netflix’s Q4: 13.1M new subscribers, driven by hits.
  • Total subscribers: 260M; stock up 8.3%, 65% gain in 2023.
  • 2024 focus: advertising, $5B WWE deal for “Raw” in 2025.
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Netflix reported a record-breaking fourth quarter, surpassing Wall Street subscriber estimates with a substantial increase of 13.1 million subscribers, marking its largest-ever fourth-quarter growth. The streaming giant’s success was attributed to a strong content lineup, including the final season of the popular royal drama “The Crown” and David Fincher’s original film, “The Killer.”

With a total subscriber base reaching 260 million, Netflix’s stock surged by 8.3 percent in after-hours trading, following a 65 percent gain in 2023. While per-share earnings fell slightly short of consensus estimates at $2.11, impacted by a noncash loss related to currency exchange rates, the revenue rose to $8.8 billion, exceeding both forecasts and the company’s own guidance.

Bank of America media analyst Jessica Reif Ehrlich noted that Netflix has emerged victorious in the “streaming wars.” The company credited its success to a robust portfolio of intellectual property, including hits like “Squid Game: The Challenge,” “Lupin,” and new original series such as “All the Light We Cannot See.” Netflix also highlighted the demand for licensed titles like “Young Sheldon.”

Netflix outlined its optimistic outlook for 2024, expecting healthy double-digit revenue growth as it continues to attract new members and invest in its advertising business. While advertising currently isn’t a primary driver of revenue growth, the company aims to change that by 2025.

Co-CEO Ted Sarandos expressed enthusiasm about licensing deals, stating that studios are more open to licensing again. Netflix sees this as a “win-win” proposition, reducing its investment in high-risk original production while providing other media companies with much-needed revenue.

Looking ahead, Netflix plans to increase spending on content, anticipating an investment of up to $17 billion in 2024. The company is also exploring new avenues such as live programming and recently announced a $5 billion deal with TKO Group Holdings to bring World Wrestling Entertainment’s “Raw” and other programming exclusively to the streaming service in January 2025.

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Analysts see this move as a significant step in diversifying Netflix’s content strategy, with the potential to bring a large volume of live programming to the platform. The company’s commitment to innovation and strategic investments indicates a continued stronghold in the competitive streaming landscape.

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