Netflix saw an increase in its base subscribers that beat Wall Street estimates for the streaming giant’s fourth quarter subscribers.
The Wall Street had estimated that Netflix would gain about 8.97 million subscribers in the time period.
The company reported the figures citing that it has added 13.1 million subscribers in the final quarters of the year, bringing the tally of subscribers to 260 million.
According to Reuters, the reason behind the surge is attributed to “strong slate of shows” which include the final season of the long-running royal drama The Crown and David Fincher’s original film, The Killer.
The gain is supposedly the company’s largest-ever fourth-quarter subscriber growth.
The streaming giant said it expects healthy double-digit revenue growth for full-year 2024, as it continues to add members and invest in its advertising business, the news agency reported.
Netflix said advertising is not yet a primary driver of revenue growth, but it aims for that to change by 2025.
The company credited gains to the strength of its intellectual property, including “Squid Game: The Challenge,” a reality show based on its most-watched TV series, new original series such as “All the Light We Cannot See,” feature films like Zack Snyder’s “Rebel Moon: A Child of Fire,” and non-English-language programming, including the third season of “Lupin” from France.
Netflix said it sees growth opportunity if it continues to improve its programming slate and makes inroads in new areas like advertising and games.
While the games business is still in its early days, the company said engagement has tripled.
