Netflix booked $1.06 billion in revenue in Australia in the year to December 2022, according to documents lodged with corporate regulator ASIC.
This is a huge jump from $30.7 million reported the previous year.
The reason is that Netflix has reorganised how it reports its financials in Australia.
Previously revenue was mainly from streaming support services and content support services provided to Netflix Group companies. Effectively, the local business was a sales agent for the global parent.
Now Netflix shows actual revenue gathered in Australia, rather than any fees paid via a Netherlands company as a sales commission.
Netflix recorded costs of $966.33 million for 2022, leaving $91.66 million in gross profit.
Other expenses, including paying tax of $6.93 million, cut the bottom line profit for the year for Netflix Australia Pty Ltd to $15.8 million.
The Labor federal government is looking at content quotas for streaming media platforms operating in Australia.
The average household now has 3.1 digital media subscriptions, up from 2.3 last year.
They are spending up to $62 per month, about $7 more than in 2021.
Netflix Australia numbers for the year to December 2022 (in thousands):
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.