Photo: Marvin Samuel Tolentino Pineda / iStock Editorial / Getty Images
Netflix reported a 12.5% increase in revenue for 2023, driven by subscriber growth.
The streaming giant added 12.8% more members year-over-year, compared to just 4% the previous year.
Netflix's ad-supported plan is helping to boost subscription growth, as the platform cracked down on password sharing.
And to drive more customers to the ad-supported plan, the company said it plans to retire the no-ads Basic plan in some of the countries where it has introduced the ad tier.
That will start with Canada and the U.K. in the second quarter of 2024 and the company will be “taking it from there,” Netflix said in the Q4 shareholder letter.
Netflix is also looking to attract new subscribers and advertisers with live programming, such as its recent $5 billion deal for the airing rights to WWE "Raw".
LISTEN TO THE MORNING BREEZE ANYTIME HERE: