In 2023, Netflix reported a revenue of nearly 15 billion U.S. dollars in the United States and Canada, up from around 14 billion in the previous year. The revenue generated in the North American countries was more than triple the amount brought in from Latin America and Asia Pacific.
Netflix faces challenge to keep growing
While the EMEA (Europe, Middle East, and Africa) region is Netflix’s second largest market in terms of revenue, the subscriber base in this region surpassed that in the U.S. and Canada for the first time in 2022. These countries experienced the most substantial combined subscriber loss when Netflix struggled to continue to grow in the same year as the service’s price has increased significantly over the past few years, leading audiences to switch to more affordable entertainment options. However, after this reported drop, the streaming giant seems to be back on track, adding around 30 million net subscribers in only one year.
Consumers’ perception of Netflix
Netflix has long been the SVOD market leader worldwide, despite rising competition. However, the perception of the streaming giant has taken a hit in the last few years. While the share of customers who were satisfied with Netflix amounted to 90 percent in 2021, the satisfaction rate declined below the 80 percent mark. Moreover, a survey asking users about eight different streaming services revealed that Netflix saw the highest year-over-year drops in the share of subscribers who were likely to keep the platform between 2021 and 2023.
