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Netflix earns most of its revenue from monthly streaming membership fees. It also sells advertising and reports revenue from consumer products, live experiences and various other sources—but Netflix says these non-membership sources were not a material component of revenue in 2023, 2024 or 2025. The company does not break out their individual dollar totals in its 2025 annual filing.
How does Netflix make money besides subscriptions?
Netflix’s 2025 Form 10-K identifies four broad sources beyond monthly membership fees: advertising, consumer products, live experiences and “various other sources.” It does not give separate revenue totals for those categories, so the filing does not support ranking them by size.
The distinction matters when interpreting Netflix’s business. A lower-priced, ad-supported plan still earns membership revenue from subscribers; advertising shown on the service is a separate revenue source. Netflix also distributes its service through partners, but those arrangements are not described as a separate major revenue stream.
Does Netflix make money from ads?
Yes. Netflix sells advertising shown on its streaming service. In its 2025 Form 10-K, the company cited increased advertising revenue as one of the primary contributors to revenue growth, alongside membership growth and price increases. It did not disclose a standalone advertising revenue figure, and it did not say ads were its largest non-membership source.
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Netflix reported $45.183 billion in total revenue for fiscal 2025, up 16% from $39.001 billion in 2024. Those figures are for the entire business, not for advertising alone. The company said revenue from sources other than monthly membership fees was not material in each of 2023, 2024 and 2025. Netflix 2025 Form 10-K
Netflix’s reported advertising audience figures
Netflix has published audience measures for its ad-supported service, but the two figures below use different definitions and dates. Neither is a paid-membership count.
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| Netflix figure | What it measures | Disclosure date |
|---|---|---|
| More than 190 million Monthly Active Viewers (MAVs) globally | Netflix defines MAVs as members who watched at least one minute of ads in a month, multiplied by estimated average household viewers. | November 5, 2025 |
| More than 94 million global monthly active users for the ad-supported plan | A separate audience measure announced by Netflix; it is not the MAV figure. | May 14, 2025 |
Netflix described MAV as a measure intended to reflect the reach of its ads business. Because it counts estimated household viewers in addition to members, it should not be compared directly with paid memberships or treated as the number of individual subscribers. The earlier monthly-active-user figure is also a different measure, so the two numbers should not be read as a like-for-like trend. Netflix’s Third Season of Ads and a Look Ahead at What’s Next and Netflix Upfront 2025: The Center of Attention
What other non-subscription revenue does Netflix report?
Consumer products
Netflix names consumer products as a revenue source and says its intellectual property can extend into products based on its content. Merchandise is a straightforward example of the category, but the annual filing does not identify specific products or report product sales. It also does not establish consumer products as a material share of revenue.
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Netflix also names live experiences as a revenue source and says it is expanding consumer products and live experiences. The filing does not quantify this category or establish that every event is separately ticketed. It is not possible to infer its financial contribution from the disclosure.
Various other sources
The filing uses the broad phrase “various other sources” without itemizing them in the cited discussion. It therefore does not establish licensing, games or partnerships as separately reported, material revenue streams. Netflix’s intellectual property may support activity beyond streaming, but that does not make every possible use a disclosed revenue category.
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How do Netflix bundles and distribution partners fit in?
Netflix says it is the principal in arrangements where electronics manufacturers, multichannel video distributors, mobile operators or internet service providers provide access to its service. In a case where a partner sets a bundle price and there is no standalone Netflix price, Netflix recognizes the net amount it collects from that partner as revenue.
This describes how Netflix accounts for certain distribution arrangements; it does not establish a separate major non-membership revenue stream. The membership service remains the underlying product being distributed. Netflix 2025 Form 10-K
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