Netflix adds record streaming subs in Q4 as global total flies past 300MNetflix adds record streaming subs in Q4 as global total flies past 300M

Aided by the Tyson-Paul bout and hosting two NFL games on Christmas Day, Netflix added nearly 19 million subs in Q4 2024, ending the year with 301.63 million streaming subs worldwide.

Jeff Baumgartner, Senior Editor

January 21, 2025

3 Min Read
Netflix HQ in Los Angeles
(Source: Netflix)

Fueled by a wave of recent, popular live sporting events and the return of the Squid Game franchise, Netflix surpassed 300 million streaming subscribers worldwide.

Netflix added a record 18.91 million streaming subs in Q4 2024 (including 4.82 million in the US and Canada), ending 2024 with 301.63 million. Analysts were expecting Netflix to add about 9.18 million subs in the quarter.

The company reported Q4 revenues of $10.24 billion, up 16% versus the year-ago period, and net income of $1.86 billion, up from $938 million a year earlier. Netflix expects to post Q1 2025 revenues of $10.41 billion, a year-on-year increase of 11.2%.

Netflix shares were up more than 13% during after-hours trading on Tuesday.

Aided by boxing and football

Netflix's record Q4 streaming subscriber additions, which eclipsed the past record of 13 million added in Q4 2023, were generated in a quarter in which Netflix hosted the Mike Tyson-Jake Paul boxing match (a record-setting global event that also was plagued with technical issues) and streamed two NFL games on Christmas Day (a smaller event that was relatively glitch-free). Netflix's Q4 results also benefitted from the debut of season 2 of Squid Game, which Netflix said is on track to become one of its most-watched original series seasons.

Related:Fox: Super Bowl LIX sets record with average minute audience of 14.5M

In Q4, Netflix's ad plans accounted for more than 55% of sign-ups in countries supporting less expensive plans. Subscriptions to Netflix's ad plans grew nearly 30% quarter-over-quarter, the company added.

Starting with its Q1 2025 results, the streaming giant will no longer report paid membership and average revenues per member on a regular quarterly basis. However, starting with its Q2 2025 results, Netflix will publish its bi-annual engagement report, which accounts for 99% of all viewing on the streaming platform, in its second quarter and fourth quarter results.

Price hikes

Oh, and Netflix is raising prices, again. Tucked into its investor letter, Netflix noted that prices are going up in the US, Canada, Portugal and Argentina as the streamer looks to "re-invest to further improve Netflix."

Per The Verge, Netflix's ad-supported plan in the US is rising from $6.99 per month to $7.99 per month and its standard ad-free option is jumping from $15.49 to $17.99 per month in the next billing cycle. Additionally, Netflix's premium-level tier is rising from $22.99 per month to $24.99 per month.

Live with limits

Netflix, which recently secured the US rights for the FIFA Women's World Cup in 2027 and 2031, said it will push ahead with live event streaming, but in a limited manner.

Related:Akamai qualifies Harmonic's streaming platform

"We're not focusing on acquiring rights to large regular season sports packages; rather, our live strategy is all about delivering can't-miss, special event programming," Netflix explained in its Q4 2024 investor letter.

Netflix noted that it added a record 41 million paid streaming subs for all of 2024, estimating that it has only captured about 6% of about $650 billion in entertainment revenue in the markets it operates in, which today excludes China and Russia.

The company is also looking for games to drive platform engagement. After initially focusing that initiative on mobile devices in November 2021, Netflix is in the process of extending access to cloud games on TV-based platforms.

Last August, Netflix began to beta test games via select TV platforms and PCs and Macs to a batch of subs in Canada and the UK, and has since extended that trial to beta customers in the US, France, Germany, Italy, Mexico and Spain.

At last check, TV-based support for Netflix games among beta subs includes Amazon Fire TV media players, Chromecast with Google TV devices, LG smart TVs, the Nvidia Shield TV, Roku devices, Samsung smart TVs and Comcast 4K-capable boxes and Xumo boxes and TVs.

Related:Philo crosses 1.3M subs, sets path to profitability

Editor's note: The story has been updated with information about Netflix price increases.

About the Author

Jeff Baumgartner

Senior Editor, Light Reading

Jeff Baumgartner is a Senior Editor for Light Reading and is responsible for the day-to-day news coverage and analysis of the cable and video sectors. Follow him on X and LinkedIn.

Baumgartner also served as Site Editor for Light Reading Cable from 2007-2013. In between his two stints at Light Reading, he led tech coverage for Multichannel News and was a regular contributor to Broadcasting + Cable. Baumgartner was named to the 2018 class of the Cable TV Pioneers.

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