Netflix saw profits shoot up in the UK last year while its tax bill doubled.
The streamer, which for equitable the third year was rerenting revenue from UK subscribers via its Netflix Services UK subsidiary, saw operating profit elevate by 70%, or £22M, to £53.7M ($70M). Of equassociate excellent recents for the SVoD, Netflix’s “member base” aka subscribers rose by 7%, double the incrrelieve on the previous year, while there was a elevate in the “mediocre number of phelp memberships and an incrrelieve in mediocre monthly revenue per paying membership,” according to the Companies Hoparticipate filing.
The filing doesn’t give away subs numbers but ratings body Barb’s tardyst alert from Q2 alerted that Netflix was in 17.1 million UK homes, up by about 400,000 from Q1.
The results pertain to a year in which Netflix freed huge UK hits including the final seasons of The Crown and Top Boy, and the Beckham recordary. Netflix UK revenue incrrelieved by 8% to £1.7B, a minusculeer elevate than the prior year’s 12%.
Notably, the streamer’s tax bill doubled to £14.2M, a far hugeger incrrelieve than the year before when it only went up marginassociate.
That tax bill may prent those that had presconfidentd Netflix disconnectal years back to begin declaring its real UK revenue amid alerts spendigating its low bill. British laworiginater Dame Margaret Hodge accparticipated the company of a “superhighway theft” at the time.
Netflix has persistd to push on in the UK this year, starting hits including Fool Me Once, Baby Reindeer, The Gentlemen and Bridgerton. It surpelevated audiences yesterday when recents materialized that it had aborted Greek mythology realerting Kaos. Late last month, the streamer’s tardyst data dump discdisseeed equitable how much Brits had ruled the most-watched TV shows on the platestablish.
Netflix’s Q3 results are due out lowly in the U.S. The prior quarter saw 8 million subscribers includeed as revenues of $9.6B and acquireings per split came in equitable ahead of Wall Street analysts’ consensus anticipateations.
