Netflix U.K. Reports Strong Performance in 2024
Netflix’s U.K. arm had a successful year in 2024, with revenue increasing by 11% to £1.85 billion ($2.48 billion) as the streaming service continued to expand its presence in the region. This information was disclosed in the company’s annual report filed with Companies House.
Netflix Services U.K. Limited, the distribution arm of the company in Britain, reported an operating profit of £43.2 million ($58 million) for the year ending Dec. 31, 2024. While this was a slight decrease from the previous year’s £53.7 million ($72.1 million), the profit after tax actually rose to £47.8 million ($64.1 million) from £46.5 million ($62.4 million) in 2023.
The growth in revenue was fueled by an 11% increase in average paid memberships, showcasing Netflix’s continued dominance in the competitive U.K. streaming market. The revenue generated included membership fees as well as reimbursements for services provided to Netflix International B.V. and Netflix Inc.
According to the filing, the company distributed interim dividends of GBP 50 million on July 23, 2024, equivalent to $67.2 million.
Netflix U.K. saw an increase in its workforce, with an average of 263 employees in 2024 compared to 220 the previous year. The company made significant investments in content support, finance, legal administration, and marketing functions.
In addition to its financial performance, Netflix U.K. also focused on sustainability, setting climate targets aligned with consensus science to reduce emissions by 2030. The company aims for a 46% reduction in absolute emissions from a 2019 baseline.
Diversity and inclusion were also key priorities for Netflix U.K., with partnerships established with organizations like the National Youth Theatre and IGNITE to provide workshops for young people across Wales, Yorkshire, and the North East, promoting awareness about careers in the entertainment industry.
As part of a corporate restructuring, Netflix Services Holdings B.V. merged with Netflix International B.V. in May, with Netflix International becoming the immediate shareholder of the U.K. company.
A spokesperson for Netflix emphasized the company’s commitment to the U.K. economy, highlighting investments of $6 billion over the past four years and collaborations with thousands of cast and crew members to produce popular British content such as ‘Adolescence,’ ‘Baby Reindeer,’ and ‘Black Doves.’ Netflix remains dedicated to long-term investment in the U.K., second only to the U.S. in terms of funding.
