Netflix — Oct 17, 2024 release

3 Similar to recent quarters, the primary difference between F/X neutral and reported growth for both revenue and ARM was large peso price increases in Argentina due to local inflation and the devaluation of the Argentine peso relative to the US dollar. 2 revenue of $43B-$44B, which would represent growth of 11%-13% off of our 2024 revenue guidance of $38.9B. We expect revenue growth to be driven by a healthy increase in paid memberships and ARM. We’re targeting a 2025 operating margin of 28% (also based on F/X rates as of 9/30) vs. our forecast for 27% in 2024; after delivering outsized margin improvement in 2024, we want to balance near term margin growth with investing appropriately in our business. We still see plenty of room to increase our margins over the long term. Engagement & Content Our members rely on Netflix to entertain them, and we want to be the first place they go for that entertainment. With an audience of 600M+ and growing, we’re programming for more tastes, cultures and languages than any company has ever done before. It’s why we invest in a wide variety of TV shows and films, and work so hard to make them great. Because when people love something, they’ll keep coming back (increased retention), talk more about Netflix (increased acquisition) and place a higher value on our service. A strong measure of whether members loved a title is watch time. How many people liked a movie or TV show enough to press play and stay? It’s why we share Weekly Top 10 lists 4 and twice a year engagement reports 5 , both of which are b