Los Angeles, CA – Netflix, the world’s leading streaming service, announced on Tuesday that it has surpassed 300 million paid subscribers globally. The streaming giant’s latest earnings report revealed that it added 18.91 million new subscribers in the fourth quarter, driven in part by the highly anticipated second season of its hit Korean series, “Squid Game.”
The company reported revenue of $10.247 billion for the quarter, a 16% increase year-over-year. Netflix also posted a net profit of $1.869 billion. The strong performance sent the company’s shares soaring over 14% in after-hours trading.
"Squid Game" Season 2, which premiered on Netflix in [insert date], played a significant role in the company’s fourth-quarter growth. The South Korean survival drama became a global sensation following its debut in 2021 and has solidified its position as one of Netflix’s most popular original series.
In addition to the success of its Korean content, Netflix also highlighted the popularity of its ad-supported tier, which it introduced in several markets last year. The company revealed that 55% of new subscribers in those markets opted for the ad-supported plan.
To further capitalize on the growing demand for sports content, Netflix has been expanding its sports programming. The streaming service cited boxing matches, NFL games featuring Beyoncé, and the continued popularity of "Squid Game" as key drivers of its fourth-quarter growth.
Netflix’s gaming division also saw significant success. The mobile game "Squid Game: The Challenge" topped the free game charts in 107 countries on the Apple App Store and is expected to become the company’s most downloaded game to date.
As Netflix continues to expand its global reach and diversify its content offerings, the company remains optimistic about its future growth. It raised its full-year revenue forecast to between $43.5 billion and $44.5 billion.
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