Netflix Australia is growing revenue thanks to the COVID-19 broadcast boom

Netflix Australia is growing revenue thanks to the COVID-19 broadcast boom

Netflix Australia has directly benefited from the broadcasting boom linked to the coronavirus pandemic as the video giant increased its domestic revenue by 17 percent last year as more people were forced to stay home.

Documents filed with the Australian Securities and Investment Authority show that the company is known to provide Bridgerton’s crown And the Queen’s gambitIt generated $ 20.5 million in domestic revenue and a profit of $ 878,234 for the year ended December 31. The numbers exclude local subscriber revenue, which is collected from parent company Netflix Australia in the Netherlands, but indicate user growth due to significant increases in some of their spending.

Programs like The Crown are popular with local Netflix subscribers.cost: Netflix

Netflix Australia receives fees from its parent company in the Netherlands for things like payment processing, engineering, and other ancillary services.

Fees increased by 23% to $ 10.6 million in 2020, from $ 8.5 million in 2019, thanks to more subscribers. The increase in total revenues, as well as the increase in operating expenses by 19%, also indicates the growth of the local business.

The energy giant paid $ 553,705 in local income tax, up 14 percent from the previous year due to higher non-deductible tax expenditures.

A Netflix spokesperson said: “We comply with all Australian and international tax laws.” “We will also continue to invest heavily in Australian content.”

Netflix Australia had three payment levels for users last year: a basic package of $ 10.99 per month, a package of $ 15.99 per month, and a premium offering of $ 19.99 per month.

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Research by viewing company Telsyte, which is considered the most accurate based on estimates of Netflix subscribers, said the streaming giant had nearly 5.4 million subscribers in Australia in August of last year. Based on these subscriber estimates, Netflix could have generated between $ 712 million and $ 1.3 billion in local subscribers in the last fiscal year.

However, the number of subscribers may slow in the next 12 months as the global economy returns to nearly normal. Netflix revealed two weeks ago that it added only 3.98 million subscribers worldwide in the first three months of the year, compared to 15.77 million paid subscribers at the same time in 2020.

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