Netflix profits soar with ads and higher subscription prices
Revenue climbed 16% to $11.1 billion for the quarter ending June 30, surpassing both analyst expectations and the company's own projections. Net profit surged to $3.1 billion, prompting Netflix to raise its full-year revenue forecast to between $44.8 billion and $45.2 billion.
Content remained a key driver, with major hits like the third season of 'Squid Game' drawing 122 million views. The company called it 'our sixth biggest season of any series in our history.' Other successful titles included 'Ginny & Georgia' (53 million views) and 'Sirens' (56 million views). The animated film 'KPop Demon Hunters' also performed well, reaching 80 million views and topping global music charts with its soundtrack.
Netflix highlighted the continued popularity of Korean content, reinforcing its global strategy. Looking ahead, the company is optimistic about upcoming releases, including the second season of 'Wednesday,' the final season of 'Stranger Things,' and new films from acclaimed directors like Kathryn Bigelow and Guillermo del Toro.
The platform is also expanding into live programming, with plans for marquee boxing matches and NFL games. This diversification aligns with Netflix's push beyond traditional on-demand entertainment.
Investors have responded positively, with shares rising over 40% year-to-date. The company's crackdown on password sharing and introduction of ad-supported tiers have boosted profitability. While Netflix no longer discloses subscriber numbers, it continues to focus on engagement metrics.
Advertising remains a key growth area, with Netflix expecting to double ad revenue in 2025. The company forecasts $9 billion in ad-based revenue by 2030.
'With another robust earnings showing in Q2, Netflix continues a winning streak going back several quarters and cements its place as the leader among streaming services,' said Emarketer analyst Paul Verna. - AFP
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The Star
10 hours ago
- The Star
Victoria Beckham's fashion brand turns a corner, so does she with a documentary
For someone who has been famous since the late 1990s, Victoria Beckham is surprisingly busy in the 2020s. After many years in the red, her eponymous fashion company Victoria Beckham Holdings Limited saw revenue growth of more than 50% in 2023, and shrunk its operating losses before tax to £2.9mil (approximately RM16.6mil), putting it on the road to profitability, no small thing for an independent luxury fashion brand. Victoria also introduced a successful fragrance line two years ago, and became the accidental star of a Netflix documentary series about her husband, football star David Beckham. Her charming, funny cameos showed a playful and relatable side to the megawatt couple, they of the matching purple Versace wedding outfits. This year is looking no less buzzy for Victoria. 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After many years in the red, her eponymous fashion company Victoria Beckham Holdings Limited saw revenue growth of more than 50% in 2023. Photo: Instagram/Victoria Beckham In recent years the organisation has received millions in cash injections from its owners, which include Victoria and her husband, Simon Fuller's XIX Management and NEO Investment Partners, a private equity firm. But the strategy seems to be working, as revenue has grown by double digits for three straight years. Here, she discusses her future plans, the most important person in her stores, and what she collects. This conversation has been condensed and edited for clarity. So what made you decide to show this collection in New York? I was having brunch with Thom Browne and Anna Wintour a few months ago, as you do, and she said to me, "You should come back to New York and show one of your collections.' 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The Star
11 hours ago
- The Star
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