Netflix has recorded another strong quarter after revenue increased 12.5% year-on-year (YoY) for Q4 2023, reaching US$8.8bn. This is predicted to continue in Q1 2024 with more than 13% YoY growth.
Notably, more than 13 million new subscribers signed up in Q4, an almost 13% increase YoY (12.8%) and the biggest increase since the streaming giant brought in its password-sharing crackdown measures last year. Netflix had seen revenue steadily increase throughout 2023 with a 2.7% YoY increase in Q2 and 7.8% in Q3.
Netflix also said that it would be making changes to its pricing plans going forward, and would completely eliminate its ad-free Basic subscription in countries where ad-supported plans are available, starting with the UK and Canada in Q2 2024. Netflix began rolling out its ad-supported plans to select countries at the end of 2022.
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Live events - WWE Raw
In another big shake up, Netflix announced on Tuesday (23 Jan) that it would be taking its first major step into live sports and entertainment by bringing WWE’s flagship weekly program – Raw to subscribers from January 2025.
The move marks a major programming shift for both Netflix and parent company TKO Holdings, as Raw leaves linear television for the first time since its inception 31 years ago.
As part of the agreement, Netflix will also become the home for all WWE shows and specials outside the US, including Raw and WWE’s other weekly shows – SmackDown and NXT – as well as the company’s Premium Live Events, including WrestleMania, SummerSlam and Royal Rumble. WWE’s award-winning documentaries, original series and forthcoming projects will also be available on Netflix internationally beginning in 2025.
“This deal is transformative,” said Mark Shapiro, TKO President and COO. “It marries the can’t-miss WWE product with Netflix’s extraordinary global reach and locks in significant and predictable economics for many years. Our partnership fundamentally alters and strengthens the media landscape, dramatically expands the reach of WWE, and brings weekly live appointment viewing to Netflix.”
“We are excited to have WWE Raw, with its huge and passionate multigenerational fan base, on Netflix,” said Netflix Chief Content Officer, Bela Bajaria. “By combining our reach, recommendations, and fandom with WWE, we’ll be able to deliver more joy and value for their audiences and our members. Raw is the best of sports entertainment, blending great characters and storytelling with live action 52 weeks a year and we’re thrilled to be in this long-term partnership with WWE.”
Raw is currently the No. 1 show on USA Network, where it brings in 17.5 million unique viewers over the course of the year.
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