Netflix Gains 13 Million Subscribers in Q4 Despite Price Hikes

Netflix Gains 13 Million Subscribers in Q4 Despite Price Hikes

VoM News Desk | January 24, 2024 | 08:51 AM IST | Breaking News | Follow on Google News

Netflix Gains 13 Million Subscribers in Q4 Despite Price Hikes/X@netflix

Netflix Gains 13 Million Subscribers in Q4 Despite Price Hikes

Netflix reported the addition of 13 million subscribers in the final quarter of 2023, reaching a total of slightly over 260 million subscribers worldwide. The streaming giant also disclosed a profit of $938 million in the last quarter, a significant increase from $55 million during the same period the previous year. Despite recent price hikes, Netflix emphasized its belief in ample room for future growth as streaming continues to expand.

Netflix Shares Surge Over 8% in After-Market Trades

Following the release of the earnings figures, Netflix shares experienced a notable surge of over 8% to $532.75 in after-market trades. The company’s strong performance positions it as a clear front runner in the streaming industry, even amidst heightened competition from rivals such as Amazon, Apple, and YouTube.

Netflix Secures Long-Term Broadcast Deal with WWE and Focuses on Expanding Entertainment Offering

In addition to its financial results, Netflix announced a long-term broadcast deal with the WWE, signaling its intent to further expand into sporting events. Starting in 2025, Netflix will become the exclusive new home of WWE’s flagship program “Raw.” The company highlighted its commitment to improving its entertainment offering to stay relevant and competitive in the dynamic streaming landscape.

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