With 76 million-plus subs, Europe, the Middle East and Africa ended 2022 with about 2 million more than North America. Now the streaming giant is looking to wring more profits from the markets.
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The COVID-19 pandemic — aka the stay-at-home streaming boom — saw a particular acceleration in subscriber gains in the region for the Ted Sarandos-run Netflix. “EMEA experienced enormous growth over COVID, up 50 percent over the past three years, fueled mostly by Western Europe in lockdown, but is back down to gentle growth now over the past year or so,” explains Enders Analysis analyst Tom Harrington. “Western Europe is at a similar point to where the U.S.
The EMEA region includes Spain, the No. 2 country in terms of the streamer’s sources of originals, with 123 hours produced in 2022, as well as the No. 5-ranked U.K. , per an Enders Analysis estimate. The EMEA region also has more broadband households than in the U.S./Canada. “There are more than 300 million fixed-line broadband households in EMEA versus little more than 140 million in the U.S.
But while Netflix’s EMEA business is now its biggest when looking at subscribers, in terms of revenue and average revenue per user , North America still rules. “The main reason for the difference in ARPU is that Netflix is cheaper in EMEA than the U.S./Canada,” says Harrington. “In Europe, about 85 percent of EMEA subs, the standard tier is usually $1.50 to $2 cheaper. Outside of Europe, but still in EMEA, it is even cheaper.
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