Growth in subscriber base buoys Netflix India’s FY24 profit by 49% to Rs 52 cr

Netflix has registered strong FY2024 growth in India. The OTT streaming platform’s net profit rose by 49% to Rs 52 crore for the fiscal year ended March 31, 2024, from Rs 35 crore in FY2023.

Netflix also reported a 29% growth in its revenue grew at Rs 2,845 crore in FY24, up from Rs 2,214 crore in FY23.

The growth has been attributed to Netflix’s expanding subscriber base, which stands at approximately 12 million subscribers, as per industry reports. This growth is a result of a variety of measures undertaken by the OTT platform, including upping the investment in content, launching mobile-specific subscription plans, and cracking down on password sharing.

In its Q3 results this year, too, Netflix continued to ride a wave of success, with its advertising-supported tier witnseeing a 35% jump in memberships compared to the previous quarter, while it added 5.1 million new subscribers, bringing its total to a record 282.7 million. Revenue rose by 15% to $9.83 billion, while net income increased 41% to $2.36 billion.

Looking ahead to 2025, Netflix expects to grow revenue between $43 billion and $44 billion, with a focus on improving its core content offerings and expanding its advertising and gaming ventures. As part of this shift, the company plans to discontinue reporting on subscriber numbers next year, moving its focus to revenue and profitability metrics.