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Netflix has topped 300m global subscribers for the first time after cashing in on its push into live sports.
The US streaming giant smashed forecasts to add 19m paid subscribers in the last three months of the year, marking its biggest-ever quarterly increase. The company’s total subscriber base now stands at 302m.
It came as Netflix ramped up its drive into live sports in an effort to win over new viewers and boost its nascent advertising business.
The blockbuster boxing clash between Mike Tyson and Jake Paul became the most streamed sporting event in history in November, attracting a peak of 65m concurrent streams.
Netflix also showed two NFL games on Christmas Day, which it said were the two most-streamed NFL fixtures in history, while its $5bn wrestling deal with WWE kicked off earlier this month.
In a letter to investors, Netflix said: “Our aim is to deliver big, memorable moments to our members.
“Although our live programming will likely be a small percentage of our total view hours and content expense, we think the eventised nature will result in outsized value to both our members and our business.”
The sports push also helped the streaming giant post annual profits of more than $10bn (£8.1bn) for the first time in its history.
The company reported an operating profit of $2.3bn in the final three months of the year, up from $1.5bn at the same period last year. Revenues also rose to $10.2bn, with shares jumping by more than 12pc in after-hours trading.
Aside from sports, Netflix pointed to the success of recent TV hits including Black Doves, a thriller starring Keira Knightley and Ben Whishaw, and the second series of Korean hit Squid Game.
The US company has enjoyed a string of recent successes after emerging victorious in the streaming wars, most recently overtaking BBC One to become the most-watched TV service in the UK for the first time.
Its subscriber base has continued to grow while revenues and profits have been boosted by the launch of a cheaper advertising tier and a crackdown on password sharing.
The latest quarter marks the last time the company will disclose its subscriber numbers after bosses announced plans to focus on other metrics such as profitability.
Netflix confirmed it will start increasing prices again, starting in the US, Canada, Portugal and Argentina. The most popular US plan will rise by $2.50 to $17.99 a month.
For 2025, Netflix forecast revenues of up to $44.5bn – an increase of 14pc – and an operating margin of 29pc.