Cost-conscious Netflix customers choose ads

A RISE in people choosing Netflix’s advertising tier helped the streaming giant to report record profits as its UK revenue approaches the £2bn mark.

- JON ROBINSON

The UK division of the American giant reported a pretax profit of £63m for 2024, an increase from the previous record of £60.6m in 2023, as reported by City AM.

Recently filed accounts with Companies House reveal that its revenue rose over the year from £1.66bn to £1.84bn.

The streaming service has said more than 55 per cent of its new sign ups have come through its advertising tier while membership on its advertising plan grew by almost 30 per cent quarter over quarter. Netflix added that the increase in its revenue was due to an 11 per cent rise in the average number of paid memberships during the year.

The crackdown on password sharing in the UK by the streaming service has also boosted the number of Netflix subscribers.