Netflix has witnessed a surge in profits for its UK subsidiary in 2023, as revealed by a Companies House filing. Netflix Services UK experienced a remarkable 70% increase in its operating profit, reaching £53.7 million. The company also recorded record UK revenues of £1.7 billion, representing an 8% growth.
Concurrently, the streaming giant’s tax contribution to HMRC has doubled to £14.2 million. The majority of Netflix's revenue is derived from its streaming services. The company reported a 7% rise in subscribers, with both the average number of paid subscriptions and the monthly subscription fee experiencing upward trends.
While Netflix has not disclosed its exact UK subscriber count, audience research firm Barb estimated that the platform is present in 17.1 million UK homes as of Q2. The UK has proven to be a fertile ground for Netflix originals, with productions like Fool Me Once, Baby Reindeer, The Gentlemen, Heartstopper, and Bridgerton gaining significant popularity.