Streaming giant Netflix Inc
Korean audiences streamed 131 billion minutes of premium VOD content last year, up 18%, Variety cites the data from Media Partners Asia.
Netflix retained its dominance with a 35% viewership share, but Tving reached a 34% share, up by 10 points. Together, the two streaming firms accounted for 70% of premium VOD viewership and 80% of new subscriptions in 2024.
In the fourth quarter, Netflix secured 39% of viewership, backed by "Squid Game," "Culinary Class Wars," and licensed titles. Netflix's partnership offering free, ad-supported viewing to Naver Plus members posed an additional tailwind.
Tving ended 2024 with 5.2 million subscribers, trailing Netflix's 7.8 million Korean subscribers.
E-commerce giant Coupang Inc's Coupang Play clocked 3.2 million subscribers, backed by its investments in local series and sports content.
Netflix stock surged over 80% in the last 12 months. It reported fourth-quarter revenue of $10.25 billion, up 16%, topping the Street consensus estimate of $10.11 billion.
The EPS of $4.27 beat the Street consensus estimate of $4.19.
Netflix added 18.91 million paid subscribers in the quarter, up 15.9%. The company ended the quarter with 301.63 million paid subscribers.
The average revenue per member was up 1%. Gary Black of the Future Fund LLC credited the performance to live sports strategy, including Mile Tyson-Jake Paul fight and Beyoncé's Christmas show, original content, and price hike.
Netflix expects first-quarter revenue of $10.42 billion (below consensus of $10.50 billion) and EPS of $5.58 (below consensus of $5.72).
Netflix estimated 750 million+ broadband households, excluding China and Russia, with the streaming giant capturing ~6% of the $650 billion revenue opportunity in its four key geographical markets.
It expects to account for less than 10% of TV viewing in every country it operates in, implying a long runway for growth.
Bernstein's Laurent Yoon projected upside for Netflix, citing potential from live events, sports broadcasting, and possible forays into Formula 1 racing and podcasting.
Netflix is a holding in 346 U.S.-traded ETFs. It has around 48.1 million shares in the U.S. ETF market. Investors can gain exposure to the stock through Invesco Next Gen Media and Gaming ETF
Price Action: NFLX stock is down 2.22% at $1,035.13 at last check Tuesday.
