Netflix reports best-ever holiday season results with 13M new subscribers

globalnews.ca:

Netflix registered its third-consecutive quarter of accelerating subscriber growth in the final three months of 2023, closing out a comeback year that included a crackdown on viewers freeloading on the video-streaming service and a smattering of price hikes.

The fourth-quarter results announced Tuesday provided further evidence that Netflix was able to come up with a formula that produced a spike in subscribers even as it became more expensive to watch its lineup of TV shows and movies.

Netflix signaled it will try to justify the higher subscription prices — and perhaps reel in more advertisers to a low-cost plan that includes commercials — with a $10 billion deal announced Tuesday that will bring the popular wrestling program, WWE’s “Raw,” to its service.

That weekly show, set to move to Netflix next year, will supplement a smorgasbord of TV shows that include the likes of the Emmy-award winning black comedy “Beef” and the Oscar-nominated film, “Maestro.”

Drawing cards like that helped the Los Gatos, California, company add 13.1 million worldwide subscribers during the October-December period, well above analyst projections, according to FactSet Research. The holiday season gains — the biggest Netflix has ever posted in the fourth quarter — exceeded the 8.8 million additional subscribers that Netflix posted in the July-September period, which in turn jumped above the numbers recorded in the quarter starting the year.

The rising tide of customers left Netflix with more than 260 million global subscribers at the end of 2023 — an annual increase of nearly 30 million subscribers. Last year’s performance was a stark contrast to 2022’s increase of 8.9 million subscribers — a lackluster showing that raised questions whether