The world’s biggest streaming service, Netflix, appears to be immune to the cost-of-living pressures facing Australian consumers, reporting a sharp jump in local revenue to $1.3 billion which was mostly sent overseas to reduce its local tax obligations.

Netflix, which has an estimated 6.2 million subscribers in Australia and is known for TV shows like Stranger Things, Bridgerton and Squid Game, posted a modest $23.3 million profit in the 2024 calendar year, according to annual accounts lodged with the corporate regulator. It made $22 million in profit from $1.1 billion the prior year.