Netflix had its strongest period of subscriber growth in the second half of 2024 since the pandemic, adding 24 million subscribers over the last six months.
The subscriber growth remarkably came with high efficiency, notes MoffettNathanson Senior Analyst Rob Fishman, as Netflix spent just $68 in marketing expense per subscriber.
“With management’s decision to no longer disclose subscriber counts from Q1 onwards, it is unlikely we will be able to track the quarterly or regular cadence of how subscribers grow from here — aside from key milestones,” Fishman notes in an investor report.
So how much more room can subscribers grow?
