Netflix has reported its Australian financials for the first time, and we are certainly a nation of streamers.

Accounts lodged with ASIC show Netflix Australia made $1.06 billion in calendar year 2022, compared to just $30.7 million the previous year.

While this seems an inordinate leap in local revenues, its simply a product of how the local branch bills.

Rather than funneling funds through a Netherlands-based subsidiary, for which the Australian arm was simply a ‘provider of services’, the local office is now its own “distributor of access” to Netflix.

Savvy customers may have noticed that, from January 1, 2022, they moved from being billed by Netflix International BV to paying Netflix Australia.

Netflix Australia paid $966 million to the Netflix Group in distribution fees, leaving a rather paltry $22.7 million profit for the year.

This updated figures seems in line with previous estimates that Netflix made between $790 million and $1.4 billion in the market.

According to the Australian Communications and Media Authority, streaming brought in a combined $2.5 billion in Australia in 2021.