Netflix has posted record UK revenues after its crackdown on password sharing boosted subscriber numbers.
The US streaming giant recorded revenues of almost £1.7bn in the UK in 2023, its biggest annual total to date and up from £1.5bn the previous year. Pre-tax profits also surged by almost 80pc to £61m, according to newly filed accounts.
Netflix pinned the record performance on growth in subscriber numbers after the streaming company began cracking down on password sharing last year.
Subscribers must now pay an extra £4.99 per month to add another user outside their household to their account.
Netflix does not publish subscriber numbers by country but said its UK membership base grew 7pc last year. The company has just under 280m subscribers worldwide.
Revenues were also driven by higher income per subscriber after Netflix increased prices in the final quarter of 2023. A basic membership, which is only available to pre-existing customers, increased by £1 to £7.99, while the premium tier rose by £2 to £17.99.
Netflix was boosted by a string of major releases last year, including the final season of The Crown and new instalments of Bridgerton and Sex Education.