Netflix has announced that it added 13.12 million new subscribers in its Q4 2023 report, reaching a total of 260 million subscribers worldwide. The Europe, Middle East, and Africa (EMEA) region contributed significantly to this growth, with 5.05 million new subscribers. In addition, Netflix saw a 12% increase in revenue in Q4 2023, which was 6% higher than in the previous year and 2% higher than expected. This growth followed Netflix’s decision to introduce a paid account-sharing option and intensify its measures against password sharing.
Netflix had a successful year in 2023, with a year-on-year growth of 12.5% by year-end and an increase in revenue in each quarter. The platform’s paid sharing feature, recent price adjustments, and strong content slate contributed to this growth. Netflix has stated that paid sharing is now a standard part of its business strategy, allowing for more efficient penetration into the near-term addressable market of 500 million connected TV households, excluding China and Russia.
While Netflix’s growth in Q4 2023 was impressive, the company suggests that customers may occasionally need to pay extra for further platform improvements. In addition, the company announced its intention to phase out its Basic Plan, starting with Canada and the UK in Q2 2024, in some of its ad markets due to increased ad membership.
Netflix also disclosed that it plans to premiere World Wrestling Entertainment (WWE) Raw on the platform in January 2025, starting in the US, Canada, the UK, and Latin America, with other WWE offerings to follow. This collaboration may significantly boost Netflix’s ad reach and subscriber growth as WWE draws considerable viewership.
Finally, in December 2023, Netflix released a comprehensive 6-month report, “What We Watched: A Netflix Engagement,” detailing subscribers’ viewing habits from January to June 2023. The report revealed that Netflix subscribers spent approximately 100 billion hours viewing over 18,000 titles.
However, Netflix faced competition in Africa from MultiChoice-owned streaming service Showmax, which surpassed Netflix in African market share in 2023, controlling 40% compared to Netflix’s 35%. Meanwhile, Amazon Prime Video, Africa’s third-largest streaming platform, is reducing jobs and local content production in sub-Saharan and North Africa to concentrate on the European markets.