Report Overview
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Netflix – Looking towards 2025

- PublisherEnders Analysis.
- Publish Date June 10, 2020
- Sector Media.
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Netflix had an excellent first quarter in 2020 with the tail end encompassing lockdown and likely eliminating churn, as usage exploded
Looking forward, there are lessons to be learnt from Netflix’s performance in the US market, which is maturing and stabilising: we model strategy around pricing, content spend and subscription-tier mix
However, differences in other markets remain stark—such as the varying propensities to absorb price rises, and the attachment to locally-produced content
Contents
Part 1: Netflix and COVID-19
Part 2: Netflix towards 2025—using the US as a guide
US lessons for the UK
List of charts/tables
Figure 1: Netflix US quarter-by-quarter paid subscriber growth
Figure 2: Netflix domestic scenario modelled outcomes, Q4 2025
Figure 3: Estimated impact of price rises on domestic subscriber growth (m)
Figure 4: Estimated proportion of US Netflix subscribers for each tier
Figure 5: Proportion of content assets, licensed vs produced
Figure 6: Customer Acquisition Ratio* of Netflix subscribers
Figure 7: Netflix bond maturity dates, at par ($m)
Figure 8: Netflix by territory, Q1 2020
Figure 9: Netflix UK year-on-year subscriber growth