Efe Washington

Washington

Updated Wednesday, January 24, 2024-08:07

  • Platforms Goodbye to shared accounts on Netflix: These are the new plans and prices

The streaming

service

Netflix reported this Tuesday that its net profits increased by 20.3% in 2023, to stand at 5,407.9 million dollars (4,983.9 million euros at today's exchange rate), and anticipated a growth of more than 10% of revenue in 2024.

Last year,

Netflix's revenue grew by 6.6%

, reaching $33,723.3 million, while the number of

subscribers

stood at 260.2 million in the last quarter of the year,

up 12.8%. more

than in the same period of 2022.

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The company forecasts that its revenues in the first quarter of 2024 will be $9,240 million, a 13.2% increase, and that net profit will total $1,976 million.

Netlix indicated in a letter to its shareholders that it believes there is "sufficient room for growth as streaming

expands

."

"If

we can continue to improve Netflix faster than competitors

, we will have an increasingly valuable company, both for consumers, creators and shareholders," he said.

In the fourth quarter of 2023 it had net profits of 938 million dollars (an increase of 1,605%) with revenues of 8,833 million (a 12.5% ​​increase).

"We started 2024 with good momentum.

We expect revenue to grow double digits for the whole of 2024" thanks to the increase in subscribers and the improvement in the price of the service, Netflix said.

The company also recognized that the devaluation of the Argentine peso will be one of the main causes of its income growth in the first quarter of the year not reaching 16% and remaining at 13%.

Looking to 2024 as a whole, Neflix anticipated some consolidation in the market although it indicated it

is not interested in acquiring "linear assets."

He added that he doesn't believe more mergers and acquisitions among traditional entertainment companies will "materially change the competitive environment" given the consolidation of the past decade.

Netflix specifically identified the

video game and advertising sectors as the areas with the most

potential growth.

"Between pay television, films, games and sponsored advertising there is an income market with an opportunity of 600,000 million and today Netflix only represents approximately 5% of the potential market," he explained.