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Netflix's geographic reporting highlights US financial dominance, slow growth

Netflix Inc.'s growth is heavily dependent on trends outside of North America, but U.S. price increases have contributed to keeping its domestic revenue dominant, according to a detailed regional breakdown of the company's membership and revenue released Dec. 16.

Year-over-year growth in paid streaming memberships in the U.S. and Canada slipped below 10% in 2019 and fell to 6.5% in the company's most recent quarter, which ended Sept. 30. While year-over-year growth flattened across regions in the last two quarters, growth rates remained firmly in double-digit percentages for all other regions: up 21.8% in Latin America, 53.1% in the Asia-Pacific region, and 40.0% in Europe, the Middle East and Africa.

The company reported 25.1% year-over-year growth in revenue for U.S. and Canada in the third quarter, while revenue from Latin America grew by 31.9%, Asia-Pacific revenue was up 53.7%, and EMEA grew by 42.1%.

Revenue growth in the U.S. and Canada was aided by price increases, as reflected by the company's growing revenue per user in that region. The average monthly revenue per paid subscriber in the U.S. and Canada was $13.08 in the most recent quarter, compared to $10.40 in EMEA, $9.29 in Asia-Pacific and $8.63 in Latin America. Despite a slower overall growth rate, total U.S.-Canada revenue of $2.62 billion in the third quarter eclipsed all other regions. Total international revenue came to $2.55 billion, led by $1.43 billion in EMEA. The Asia-Pacific region reported the least revenue, at $38 million.

The domestic market also remained the largest single region by total subscribers, with 67.1 million paid subscribers at the end of the third quarter. EMEA was the second-largest market with 47.4 million subscribers. The Asia-Pacific, which saw the highest growth rates, also reported the smallest subscriber base, at 14.5 million.

Netflix historically published membership and financial data on two geographic segments, the U.S. market, labeled domestic, and the rest of the world, labeled international. Netflix in October announced that it would begin reporting more detailed geographic breakdowns of its key metrics starting with its fourth-quarter earnings release in January 2020. It said at the time that Canada accounted for about 10% of the U.S.-Canada segment revenue and membership metrics.

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