Netflix UK Revenue Rises 12% To £1.54B ($1.9B) – Deadline

Netflix UK Revenue Rises 12% To £1.54B ($1.9B) – Deadline

Netflix has revealed its full revenue from UK subscribers for only a second time — and it has been a year of growth for the streaming giant.

The company behind British originals The Crown and Sex Education posted sales of £1.54B ($1.9B) in the 12 months to the end of December 2022, an increase of 12% on the previous year’s revenue of £1.4B.

The earnings were disclosed by Netflix Services UK, the main entity that the streamer has registered at the UK’s Companies House. Pre-tax profits for the entity rose 22% to £34.1M last year.

It is only the second time Netflix has provided the full picture of its UK sales after changing its accounting practices in 2020 to stop funneling revenue through its European headquarters in the Netherlands.

Netflix Services UK’s earnings said that its average number of paid memberships increased 4% last year, while it also enjoyed 14% growth in the average money it made from each subscriber.

Netflix did not disclose how many UK subscribers it has, but audience research body BARB said 17.2M British homes had access to the streamer at the end of 2022, which was up 3% year-on-year.

Netflix Services UK’s tax bill has gone up considerably since it started posting full UK revenue. It paid £6.4M in income tax last year, compared with £5.3M in 2021.

The company’s earnings showed that its average number of UK employees grew by almost a third to 202. Most are based at Netflix’s UK headquarters at 30 Berners Street in central London.

Netflix said: “The UK is our most important production hub outside North America and we are deeply committed to making Netflix series and films here. Since 2020 we have invested almost $6 billion in making shows like Heartstopper, The Crown, and Top Boy. This is an increase of nearly 50% on what we originally anticipated and has created thousands of jobs right across the country.”

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