After years of chasing subscribers, Hollywood’s streaming giants are now focused on something more important profits. And in 2024, several of them finally began to see results. Leading the way, as usual, is Netflix, which once again proved why it’s the gold standard in streaming. While others are still working toward breaking even or trimming losses, Netflix has taken a massive lead with a profit of $10.4 billion, up 49% from the previous year. Its revenue also rose to $33.7 billion, marking a 16% increase year-over-year.
Some of Netflix’s success came from hit titles like Fool Me Once, Bridgerton, and Squid Game Season 2, as well as movies such as Carry-On and Damsel. It also added 9.5 million new subscribers, ending the year with a whopping 301.6 million globally. Despite announcing it will no longer regularly report subscriber numbers, Netflix remains confident about its future. It’s projecting 12-14% revenue growth in 2025, aiming to hit up to $44.5 billion.
“We estimate there are now 750 million-plus broadband households (excluding China and Russia) and $650 billion-plus of entertainment revenue in the markets we operate in, of which we only captured around 6 percent in 2024,” Netflix said.
“Similarly, we believe we account for less than 10 percent of TV viewing in every country in which we operate, all of which suggests a long runway for growth as streaming continues to expand around the world.”
Disney made headlines by turning a profit in its streaming segment for the first time ever across a full calendar year. Its combined entertainment platforms Disney+ and Hulu brought in $574 million in profit and earned $23.3 billion in revenue, up 13% from 2023. Original series like Shōgun, Agatha All Along, and Only Murders in the Building helped drive viewership.
Disney CEO Bob Iger, said, “The only way you succeed in global streaming, both from a subscription perspective and a profitability perspective, is with a great combination of high-quality product with volume and technology.” He added, “We’re very well positioned to both grow subs and grow profits over the long run.”
Warner Bros. Discovery (WBD) also had a strong year. Its streaming profit jumped to $677 million, an incredible 557% rise compared to the year before. Revenue hit $10.3 billion, even though growth was just 1%. The company’s platforms, including Max and Discovery+, ended the year with 117 million subscribers. It plans to grow that number to 150 million by 2026. Top-performing shows like The Penguin, House of the Dragon, and True Detective: Night Country helped keep subscribers engaged.
WBD CEO David Zaslav, said, “In this generational media disruption, only the global streamers will survive and prosper, and Max is just that.”
Paramount Global showed improvement but still ended the year with a $497 million loss in its streaming business. Still, that’s a big step forward compared to past years. Its platforms, like Paramount+ and Pluto TV, earned $7.6 billion, up 13% from 2023. The platform saw success with titles like Tulsa King, Knuckles, and Landman. The co-CEOs have expressed confidence that Paramount+ will be profitable in the U.S. by the end of 2025.
Meanwhile, NBCUniversal’s Peacock reported the biggest streaming loss of the year at $1.8 billion, though its revenue rose by 44% to $4.9 billion. The Olympics, NFL, and Love Island brought in more viewers, but the platform’s smaller subscriber base means it still struggles to cover its heavy content investments.
Comcast CFO Jason Armstrong, said, “We are making a successful pivot to streaming. We expect to make continued improvement in Peacock EBITDA losses in 2025.”
The streaming market in 2024 proved that profitability is possible but it’s still uneven across the board. Netflix remains far ahead of the competition. Disney and Warner Bros. Discovery are closing in, while Paramount and Peacock are trying to catch up. One thing is clear: this phase of the streaming war is no longer about who has the most subscribers it’s about who can turn streaming into a sustainable business.