The figures released on January 23rd indicate that the online platform Netflix gained an additional 13.1 million new subscribers in just the fourth quarter of 2023. This surge brought the total number of paying accounts to a record high of 260.2 million.
The Middle East and Africa (EMEA) region, Europe, and the Asia-Pacific region were the top three markets leading the growth in new subscription sign-ups for Netflix in Q4 2023. Among them, the Middle East and Africa recorded the highest growth, with over 5 million new accounts opened. This region also contributed $2.78 billion to the total revenue of $8.83 billion for the company in the last quarter.
Explaining the reasons behind this growth, Netflix attributed it to recent changes in the deployment of ad-supported subscription plans at lower prices and limitations on password sharing. These are the two main factors contributing to the growth exceeding expectations. Netflix also aims to increase its profit margin to 26.2% for Q1 2024, compared to the 16.9% reported for the previous Q4 2023.
The online platform Netflix has added 13.1 million new subscribers in just the fourth quarter of 2023 (Illustration: KT)
Despite achieving a record number of subscribers, in a shareholder letter on January 23rd, Netflix mentioned that the company anticipates the possibility of increasing service fees to supplement funding for further improvement and development of services in the future. In the Vietnamese market, the standard Netflix subscription currently has an average price of 220,000 VND per month, while the basic ad-supported package is priced lower at 108,000 VND per month.
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Source: Vietnam Insider