Netflix kicked off Big Tech earnings in the west — absolutely crushing it by adding 18.9 million new subscribers in Q4, more than twice that was expected by markets.
This pushed its global subscriber count past 300 million for the first time.
The numbers: revenue surged 16% YoY to $10.2 billion. Majority growth was driven by its $6.99 ad-supported plan, which accounted for over 55% of new sign-ups.
The affordable tier is drawing cost-conscious users, expanding Netflix’s reach amid tightening global consumer spending, while freeing up more $ for original programming.
Netflix management cited success localization strategies as one of the core reasons driving growth this quarter.
What’s new: with absolute dominance in TV and Movies, the next act is focusing on live content. Netflix is now showing WWE, Awards Shows Standup, Boxing matches, and a lot more.
Investors were thrilled, sending Netflix shares up 14%.
