Netflix has surged to a fourth-quarter subscriber record, driven by the overwhelming success of its critically acclaimed series, The Crown, and the riveting thriller, The Killer.

It is reported by Reuters that the  organization disclosed that it experienced a surge of 13.1 million new subscribers in the December quarter, marking its most substantial growth for this quarter. 

This surpasses the anticipated increase of 8.97 million, resulting in a total subscriber count of 260 million.

Following this impressive report, Netflix's stocks saw an 8.3% increase in after-hours trading, contributing to an overall gain of 65% throughout the year 2023.

"It is becoming increasingly clear that Netflix has won the 'streaming wars,'" wrote Bank of America media analyst Jessica Reif Ehrlich.

The company disclosed earnings per share of $2.11, falling below the anticipated consensus of $2.22 per share. Netflix attributed the lower per-share earnings to a noncash loss of $239 million related to fluctuations in currency exchange rates.

Despite this, the company's revenue surpassed expectations, reaching $8.8 billion, exceeding both forecasts and its own projection of $8.7 billion for the quarter.

Netflix remains optimistic about robust double-digit revenue growth throughout the entirety of 2024, emphasizing its commitment to expanding its subscriber base and investing in its advertising ventures.

Read also: WhatsApp latest update brings Apple AirDrop-like function to share files

While advertising currently does not play a primary role in revenue growth, the streaming giant aims to alter this trajectory by the year 2025.

The company attributed its gains to the success of its intellectual property, which includes reality shows like Squid Game: The Challenge, inspired by its most-watched TV series, as well as the introduction of new original series like All the Light We Cannot See, feature films such as Zack Snyder's Rebel Moon: A Child of Fire, and non-English-language programming, exemplified by the third season of Lupin from France.

Additionally, Netflix pointed to the robust demand for licensed titles like Young Sheldon. 

Co-CEO Ted Sarandos emphasized Netflix's track record of producing major television hits, citing notable examples such as Breaking Bad, The Walking Dead, Schitt's Creek, and more recently, Suits.

"I am thrilled that the studios are more open to licensing again, and I'm thrilled to tell them that we are open for business," Sarandos said during Netflix's investor livestream.

Bank of America's Ehrlich noted that Netflix is benefiting from shifting market dynamics, compelling media companies to reconsider their strategy of exclusively holding movies and TV series for their individual streaming platforms.

Describing it as a "win-win" situation, Ehrlich highlighted how Netflix can decrease its investment in riskier original production, while these licensing agreements offer other media firms much-needed revenue.

Netflix has expressed optimism about future growth, emphasizing the importance of enhancing its programming lineup and venturing into new domains such as advertising and gaming.

Although the gaming sector is in its early stages, Netflix reported a threefold increase in engagement.

The streaming giant is actively investing in live programming experimentation.

Recently, Netflix and TKO Group Holdings announced a significant deal exceeding $5 billion, securing exclusive streaming rights for World Wrestling Entertainment's "Raw" and additional content starting January 2025.