Netflix reports $1.3b in Australian revenue as Labor eyes content quotas
The streaming giant’s 18% revenue jump comes as it prepares to return to talks with a re-elected Labor government poised to introduce new local content rules.
Global streaming platform Netflix generated $1.3 billion in revenue from Australia over the past year as it prepares to return to talks with the re-elected Labor government, which has publicly committed to introducing local content quotas.
Documents filed with the Australian Securities and Investments Commission (ASIC) on Friday, seen by Capital Brief, show Netflix’s local subsidiary, Netflix Australia, recorded a revenue increase of nearly 18% on the $1.1 billion reported the previous year.
Of this, as much as $1.2 billion was paid back to its parent company, with marketing costs of $21.3 million and administrative costs of $46.9 million. The streamer reported a profit of $23 million, up slightly from $22 million a year earlier, and paid $10 million in tax.
Netflix declined to comment.
Netflix remains the most popular streaming service in Australia, according to media analysts at Telsyte. In its annual streaming report last year, Telsyte estimated Netflix had 6.2 million subscribers, up 2% on the previous year. Amazon’s Prime Video was the second most popular platform, with 7% subscriber growth to 4.8 million.
