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PRIVACY
Retail & Consumer

Netflix º£½ÇÊÓÆµ's profits soar as Brits opt to pay extra for ad-free viewing

The streaming service's º£½ÇÊÓÆµ arm reported pre-tax profits of £63m for 2024, up from the £60.6m it achieved in 2023 - the previous record

(Image: Thomas Trutschel/Getty Images)

Britons opting to pay extra for ad-free viewing on Netflix has contributed to record profits for the streaming behemoth, as its º£½ÇÊÓÆµ revenue approaches the £2bn mark.

The º£½ÇÊÓÆµ 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£½ÇÊÓÆµ 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£½ÇÊÓÆµ 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.