New Report Reveals Netflix’s Anime Revenue Surpasses Crunchyroll

Overview of the Anime Streaming Market

In 2023, Netflix overtook Crunchyroll as the leading platform in anime revenue, generating $2.07 billion.
Crunchyroll remains the top choice in terms of revenue per subscriber.
Netflix’s increasing investment in anime could heighten competition for Crunchyroll.

As 2024 came to a close, industry insiders were taken aback by a Bloomberg report detailing significant challenges facing Crunchyroll, as revealed by journalists Cecilia D’Anastasio and Takashi Mochizuki.

The anime market experienced remarkable growth in 2023, with global revenue reaching $19.8 billion, according to insights from Parrot Analytics and the Association of Japanese Animations. Streaming services alone accounted for $5.5 billion, while merchandising sales drove an impressive $14.3 billion, highlighting the increasing mainstream appeal of anime.

In a pivotal finding, Netflix emerged as the leading revenue-generating platform for anime with a staggering $2.07 billion in 2023. In contrast, Crunchyroll earned $1.16 billion, and Hulu brought in $903 million. Interestingly, the combined revenue from Disney+ and Hulu remains unclear, given that both platforms offer anime content licensed by Disney—Hulu acting primarily within the U.S. market while Disney+ caters to a global audience. While anime comprises only 3.9% of Netflix’s overall catalog, it commands 6.8% of demand on the platform, indicating its growing significance.

Industry analyst Richardson Handjaja from Animenomics remarked that despite Netflix’s lead in total revenue, Crunchyroll retains its status as the frontrunner in revenue per subscriber—an expected outcome given its targeted anime offerings. The vast subscriber base of Netflix dramatically enhances its revenue potential compared to Crunchyroll.

I created a new version of the anime streaming revenue chart with added context for my newsletter this week. A Parrot Analytics rep confirmed to me that the numbers are subscription revenue, so the sheer scale of Netflix subscribers gives it a revenue advantage over Crunchyroll. https://t.co/sKaPiKFpB2 pic.twitter.com/UJrvnlDjzk — Richardson Handjaja (@rhandjaja) December 27, 2024

What Is Parrot Analytics?

Parrot Analytics is a data analytics firm specializing in audience measurement across various streaming services and platforms. Their research dives deep into viewer behavior, including recent trends in content consumption and the effects of piracy on viewership dynamics.

Implications for the Industry

While Crunchyroll continues to dominate in the variety and quantity of available anime titles, Netflix’s ability to invest heavily in anime poses a formidable challenge. The platform’s objective to appeal to a broad audience may limit its interest in niche anime, yet a shift toward mainstream titles could threaten Crunchyroll’s market share if major new series gravitate towards Netflix or other platforms like Hulu and Disney+.

Moreover, Crunchyroll’s acquisition of numerous series currently absent from its catalog may impact its relationships with distributors and rights holders in Japan, as pointed out by Bloomberg. This evolving landscape suggests that Crunchyroll may face unexpected competition, though the outcome remains uncertain in light of recent developments within the industry.

In summary, although Netflix leads in overall anime revenue, Crunchyroll remains competitive when analyzing revenue per subscriber metrics.

Source: AnimeHunch, Parrot Analytics