Britons opting to pay extra for ad-free viewing on Netflix has contributed to record profits for the streaming behemoth, as its º£½ÇÊÓƵ revenue approaches the £2bn mark.
The º£½ÇÊÓƵ division of the American giant reported a pre-tax profit of £63m for 2024, an increase from the previous record of £60.6m in 2023, as reported by .
Recently filed accounts with Companies House reveal that its revenue rose over the year from £1.66bn to £1.84bn.
Netflix attributed the rise in revenue to an 11 per cent increase in the average number of paid memberships throughout the year.
The crackdown on password sharing in the º£½ÇÊÓƵ by the streaming service has also boosted the number of Netflix subscribers.
Over the course of the year, the company issued an interim dividend of £50m to its US parent and also loaned £375m to Netflix Inc in August of the previous year.
The average number of employees at the º£½ÇÊÓƵ business increased from 220 to 263 during 2024.
For the same financial year, Netflix Inc reported a revenue of $39bn (£29bn), up from $33.7bn in 2023, while its operating income also increased from $6.9bn to $10.4bn.
The company's revenue for the first quarter of its current financial year totalled $10.5bn, and $11bn for the second quarter.
In a statement, Netflix said: "Netflix is a significant contributor to the º£½ÇÊÓƵ economy – investing $6bn over the last four years and working with over 50,000 cast and crew and 200+ producers to produce British content such as Adolescence, Baby Reindeer and Black Doves that is loved the world over.
"We're committed for the long term and invest more here than any other country except the US."
Brits pay extra to skip Netflix adverts
This May, research disclosed that Britons are splashing out £5bn annually simply to dodge adverts on leading streaming platforms.
The Finder study discovered that more than 31m º£½ÇÊÓƵ adults subscribe to premium, advertisement-free packages across Netflix, Amazon Prime, Disney + and Spotify.
The monthly nationwide expenditure reaches £439m – equivalent to approximately £3m per minute of advertising avoided.
Netflix claimed the top position as the most favoured premium enhancement, with almost two in five Britons, or 39 per cent, choosing to shell out an additional £7 monthly to evade ads – representing a collective outlay of £150m each month.
Calculated on typical viewing duration, subscribers are essentially paying £1m per minute of advertisements bypassed on Netflix exclusively.
At the beginning of 2025, City AM disclosed that Netflix might soon expand their Formula 1 provision beyond Drive to Survive, with the streaming behemoth planning a bid for live television rights.
The firm has previously broadcast Mike Tyson's clash with Jake Paul and Christmas Day NFL.
