Netflix UK revenues hit £1.8bn but profit growth slows

Netflix UK grew subscriber revenues 11% to hit £1.8bn in 2024, although profits slowed, according to its latest financial accounts.

In a Companies House filing for its subsidiary Netflix Services UK, the streaming giant’s revenues increased from £1.7bn.

Netflix attributed this to membership fees and services provided to its Amsterdam-based Netflix International business and US business Netflix, Inc.

It added that average paid memberships grew 11%, although the UK operation does not break down subscriber numbers. Barb’s recent Establishment Survey said Netflix had increased its presence in UK homes to reach 17.4m in Q1 2025 up from 17.1m in Q4 2024.

However, Netflix UK’s overall operating profit dipped from £53.7m in 2023 to hit £43.2m last year – a year-on-year drop of around a fifth.

This impacted its profit after tax which rose 3% to £47.8m last year from £46.5m. The figure had leapt almost three-quarters in 2023 from its 2022 results.

The company also saw its tax bill increase to £15.3m, up from £14.2m in 2023.

2024 was a prime year for Netflix dramas, with the launch of Richard Gadd’s seven-part Baby Reindeer produced by Clerkenwell in April, which attracted 8.4m views as well as Quay Street’s Fool Me Once which gathered 10.4m viewers for its first episode and One Day with 4.2m tuning into its opener.

Other notable hits included the third series of Bridgerton, Supacell and Love is Blind UK.

In its strategy report, Netflix said: “We are committed to investing in the UK creative industry by playing a leading role upskilling the UK creative community…Netflix is also developing emerging talent across the entire creative process, generating meaningful new opportunities through initiatives like our Documentary Talent Fund.”