Netflix ended 2024 on a high note as its global subscribers rose to 302 million and its annual operating income exceeded $10 billion for the first time in its history.
The streaming giant reported these milestones on Tuesday and attributed the success to a combination of hit programming, strategic growth initiatives and increased subscription prices.
The company recorded its largest quarterly subscriber growth to date in the final quarter of 2024 when it added 19 million new users.
This surge contributed to a 16% increase in quarterly revenue while net income rose to $1.87 billion. The company’s shares responded positively with 14.5% in after-hours trading following the announcement.
Netflix attributed much of its success to standout content that surpassed internal expectations, Investors King reports.
Season two of Squid Game is on track to become one of the platform’s most-watched original series while the film Carry-On ranked among Netflix’s top 10 most-viewed movies.
“No single title drives our acquisition or engagement,” co-chief executive Greg Peters said during a call with investors. “It’s really the whole service that’s working that delivered the upside that we saw this quarter.”
The company also confirmed price increases across several markets, including the United States, Canada, Portugal, and Argentina. The standard membership now costs $17.99, up from $15.49 while the premium plan increased by $2 to $24.99.
Despite its recent success with live programming, Netflix reiterated that it is not focusing on acquiring full-season sports rights, which co-chief executive Ted Sarandos described as “extremely challenging.”
“Two of Netflix’s official 2025 priorities are increasing ad revenue and developing more live programming,” said Ross Benes, senior analyst at EMarketer. “What was recently anathema is now among the company’s top priorities. Expect the company to continue adapting by embracing strategies that it said it wouldn’t.”
Netflix’s willingness to pivot was evident in its decision to release Greta Gerwig’s upcoming Narnia film in 368 IMAX theaters in the U.S. and additional locations worldwide at the end of 2026.
The platform’s 302 million subscribers now watch an average of seven films per month, driven by hit originals such as Tyler Perry’s The Six Triple Eight, Richard Curtis’s That Christmas, and Sony Pictures’ It Ends With Us, which generated substantial engagement despite off-screen controversies.
With record-breaking growth and strategic shifts, Netflix has solidified its position as a leader in the streaming industry, leaving little doubt about its ability to adapt and thrive in a competitive market.