Netflix Surpasses 300 Million Paid Subscribers Thanks to 'Ogam2' Effect

16% Year-on-Year Revenue Growth in Q4 Last Year

The world's largest online video service (OTT), Netflix, has surpassed 300 million subscribers worldwide. Netflix attributed this growth to the Korean drama 'Ojingeo Game Season 2' (Squid Game Season 2).

AFP Yonhap News

According to the earnings report announced by Netflix on the 21st (local time), the number of global paid subscribers in the fourth quarter of last year increased by 18.91 million compared to the same period the previous year, reaching a total of 301.63 million. This is the first time Netflix's subscriber count has exceeded 300 million.

Supported by this, revenue rose 16.0% to $10.247 billion (approximately 14.7249 trillion KRW). Net profit was $1.869 billion (approximately 2.6858 trillion KRW), and earnings per share (EPS) were $4.27 (approximately 6,136 KRW). These figures surpassed the average estimates of Wall Street analysts compiled by financial information firm LSEG, which predicted revenue of $10.11 billion and EPS of $4.20.

Netflix stated that the counted paid subscribers exclude 'extra member accounts' registered additionally per household, and considering that multiple household members use a single account, there may be additional viewers.

Netflix forecasted that its annual revenue this year could reach up to $44.5 billion (approximately 63.9 trillion KRW). The annual operating profit margin was also projected at 29%, 1 percentage point higher than the previous forecast.

Netflix cited the Korean drama 'Ojingeo Game Season 2' as the content contributing to this strong performance. It also mentioned Mike Tyson's boxing match and two American football (NFL) games featuring pop star Beyonc?.

Regarding Ojingeo Game Season 2, Netflix said, "It will be one of the most-watched original series seasons," noting that the number of views in the fourth quarter was 165.7 million.

Additionally, in the gaming business sector, 'Ojingeo Game: Unleashed' ranked first among free games on the Apple App Store in 107 countries and is expected to become the most downloaded game among Netflix's games.

Netflix named 'Ojingeo Game Season 3,' the American drama 'Wednesday Season 2,' and 'Stranger Things Season 5' as the most anticipated releases this year, stating, "We are entering the new year with optimism."