Netflix now has over 325 million paid subscribers around the world and says that it is serving an audience approaching one billion people. That is about one in eight people on the planet. Netflix was watched for over 190 billion hours in 2025. Total revenue was over $45 billion, with advertising revenue of $1.5 billion.
The company no longer regularly reports subscriber numbers but 325 million represents a another major milestone, having ended 2024 with 302 million, with 260 million at the end of 2023.
That still represents remarkably consistent growth, given that the larger the subscriber number, the more a company needs to attract just to replace those that leave. Customer retention becomes critical.
Netflix said that its viewing was up 1% in the second half of 2025 and 2% year on year. That suggests that subscribers are on average watching Netflix less overall. That could be because new users are coming from more price-sensitive or casual viewing segments, from markets where television viewing is generally lighter, or because there is more competition for viewing generally.
The most popular movie on Netflix in the second half of 2025 was KPop Demon Hunters, with 481 million views, or 802 million hours. Season 2 of Wednesday clocked up 123 million views, or 964 million hours of viewing, over its 8 episodes.
Although Netflix would prefer to focus on its original productions, which make up about half of its overall viewing, it is notable that Peppa Pig accounted for over 515 million hours of viewing over its 8 seasons.
133 distinct show titles were watched by over 10 million viewers in the second half of the year, but over 2000 were watched by over a million. Netflix reported on 7750 shows with over 100,000 views.
Netflix management likes to position the opportunity for growth in terms of the share of television viewing that they currently have, which is below 10% in the major markets in which it operates. In December it had an all-time high of 9% of viewing in the United States, up 0.5 points over the year, with linear channels still comprising 40% of television screen time.
“We’ve got hundreds of millions of households around the world still to sign up. We’re just about 7% of the addressable market in terms of consumer and ad spend. So, tons of room ahead of us,” said Greg Peters, the co-chief executive of Netflix.
In pursuit of its aim of acquiring Warner Bros, Netflix is now offering an all-cash deal instead of its previous offer of a mix of cash and Netflix stock.
With limited growth in its overall viewing, as measured by its own engagement reports, Netflix sees the prospective acquisition of Warner Bros, with 100 years of intellectual property and a large library, as what it describes as an “accelerant” to its strategy.
That said, Netflix management did not originally approach Warner Bros as buyers. “We went into this with our eyes open and our minds open,” co-chief executive Ted Sarandos told analysts. “When we got into it, we both got very excited about this amazing opportunity.”