California, Jan. 23: Netflix closed 2024 with its biggest quarterly subscriber gain in history, buoyed by its first major live sporting events and the return of Squid Game.
The company added 18.9 million customers in the fourth quarter, according to a shareholder letter.
That was more than double what markets expected and brought global sub scribers at Netflix to more than 300 million.
The company’s previous best was 15 million in the first quarter of 2020 – numbers driven by the onset of corona. This is the final time Netflix will report quarterly subscriber numbers.
The company reported revenue grew 16 percent to $10.2 billion for the quarter, the biggest gain since late 2021, and said sales will grow faster than predicted in 2025.
It is also increasing the cost of its cheaper advertising-supported plan. For the year, Netflix projects revenue of as much as $44.5 billion, a gain of 14 per cent from the year just ended, with an operating margin of 29 per cent.
Netflix will stop reporting subscriber figures following a surge in new customers from its crack down on password sharing.