Netflix brought in 7.66 million subscribers during the fourth quarter of 2022 – far outperforming the 4.5 million projections it was forecasting for the holiday season.

A combination of in-demand content like “Wednesday,” “Glass Onion” and the docuseries “Harry & Meghan,” saw the streamer rise to a total of 230.75 million global subscribers at the end of the calendar year of 2022.

Breaking down that quarterly result, Netflix added 910,000 subscribers in North America, and 3.2 million across Europe, the Middle East and Africa. It marks a star change from April when its first quarter announcement revealed a loss of nearly a million subscribers – setting off a chain of panic among investors regarding streaming stocks.

In an investor letter, Netflix says it expects its recently launched ad-supported tier to have a modest impact on this year’s revenue and profit given its early-stage development.

Whilst Netflix is expected to maintain its $17 billion content spend budget for 2023, its film slate will be significantly pared back down to 49 feature films as compared to last year’s 86.

Netflix is also starting the year with a major leadership shake-up, with co-founder Reed Hastings stepping down as co-CEO and elevating Greg Peters to the co-CEO title alongside Ted Sarandos. Hastings will remain on as executive chairman, but the departure from his role marks the end of an era for Netflix.

Former global TV head Bela Bajaria will now be the company’s chief content officer – a role most recently held by Sarandos, whilst Scott Stuber is now the chairman of Netflix Film.

Source: THR


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