# Who are Netflix's customers? Who does Netflix earn revenue from?
Canonical: https://valuechain.wiki/netflix · Facet: customers · Updated: 2026-09-23T08:29:49.720187+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Netflix discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 2 dated sources, 1 of them primary filings (as of 2026-09-23).

### 구독 소비자 (멤버십) (high)
- metric: Amount $45.2B · FY2025 · total revenue (mostly subscription)
- note: Paid subscription memberships are the bulk of revenue. FY2025 revenue was $45.2B (+16%) with 325 million+ paid members, tied to discretionary spending and subscription retention.
- [confirms] SEC EDGAR filing (EN, filing, published 2026-01-27) https://www.sec.gov/Archives/edgar/data/0001065280/000106528026000034/nflx-20251231.htm: "The FY2025 10-K reports revenue of $45.18B (+16%) driven by membership growth, price increases and advertising, with 325 million+ paid memberships."
- [confirms] Mediatoday (KO, news, published 2025-07-28) https://www.mediatoday.co.kr/news/articleView.html?idxno=327815: "Netflix posted a record quarterly revenue of $11.1B in Q2 2025, driven by subscriptions and content investment."

### 광고주 (광고형 요금제) (high)
- metric: Amount $1.5B · FY2025 · advertising revenue (2025, up 2.5x)
- note: The ad tier launched in 2022 is a new growth axis. 2025 ad revenue exceeded $1.5B, more than doubling year over year, with over half of new sign-ups choosing the ad-supported plan.
- [confirms] SEC EDGAR filing (EN, filing, published 2026-01-27) https://www.sec.gov/Archives/edgar/data/0001065280/000106528026000034/nflx-20251231.htm: "The 10-K notes increased advertising revenue as a driver of 2025 growth, while stating advertising and non-membership revenue was not yet a material component."
- [confirms] Mediatoday (KO, news, published 2025-07-28) https://www.mediatoday.co.kr/news/articleView.html?idxno=327815: "Over half of new subscribers chose the ad-supported plan, and 2025 ad revenue is expected to roughly double."

Reverse side: https://valuechain.wiki/netflix/suppliers.md · Ripple: https://valuechain.wiki/netflix/ripple.md

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Full node: https://valuechain.wiki/netflix.md · JSON: https://valuechain.wiki/netflix.json