Netflix closed 2024 on a high note, reporting substantial growth in both subscribers and revenue, thanks in part to the massive success of its hit series Squid Game.
The streaming giant revealed Squid Game added nearly 19 million new subscribers during the holiday season.
This brings Netflix’s total subscriber base to over 300 million worldwide.
In its fourth-quarter earnings report, Netflix announced a profit of $1.87 billion on revenue of $10.25 billion.
It marks double-digit growth compared to the same period in 2023.
The robust performance sent Netflix shares soaring by more than 10% in after-hours trading, reaching $960.60.
The company credited its record-breaking net additions of 41 million subscribers throughout 2024 for its continued momentum into the new year.
In a letter to shareholders, Netflix executives expressed confidence in the platform’s position as a leader in the entertainment industry.
“We enter 2025 with strong momentum, coming off a year with record net additions and having re-accelerated growth,” the letter stated.
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Netflix highlighted its dominance in viewer engagement, with paid members spending an average of two hours daily on the platform.
Furthermore, the company also emphasized its leadership in revenue and profitability in a competitive streaming market.
