Summary
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Netflix surpassed Crunchyroll in anime revenue in 2023, earning $2.07 billion.
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Crunchyroll is still the leader in revenue per subscriber.
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Crunchyroll could face tough competition if Netflix invests more in anime content.
Quick links
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What is Parrot Analytics?
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What does it all mean for the industry?
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In the last days of 2024, many were taken by surprise after Bloomberg reported major issues to Crunchyroll, at least according to many insiders who heard Cecilia D'Anastasio and Takashi Mochizuki (the reporters signing the report) when they wrote the story.
In 2023, the anime industry generated $19.8 billion in global revenue, according to Parrot Analytics and the Japan Animation Association. They report that streaming services accounted for $5.5 billion of that revenue, while $14.3 billion was from merchandising sales. This shows how big the anime is getting.

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According to the same report, the leading platform in terms of revenue is not Crunchyroll, but Netflix, which earned $2.07 billion from anime in 2023. Crunchyroll earned $1.16 billion and Hulu $903 million. They apparently didn't measure how much revenue Disney+ and Hulu generated together, since both services stream Disney-licensed anime (but Hulu streams “Disney anime” in the US, while Disney+ is the global platform for the same shows). While anime only makes up 3.9% of Netflix's catalog, it makes up 6.8% of total demand on the platform.
Richardson Handjaja, who covers industry reports on Animenomics, added that Crunchyroll is still the leading platform in terms of revenue per subscriber (as expected) and Netflix has an advantage because its subscriber base is larger than that of Crunchyroll.
What is Parrot Analytics?
Parrot Analytics is a data company focused on analyzing audiences across platforms and languages, often releasing research findings on how people consume content on streaming services and TV. They also dig into pirate consumption (or at least they use to, it's been a while since they last released reports on this front).
What does it all mean for the industry?
Crunchyroll is still the main platform when it comes to the diversity and amount of anime available in their catalog, but this shows how strong Netflix can be if the service invests more in anime. Netflix generally aims to be a platform for the widest audience it can reach, so the service is unlikely to focus on anime series that are too niche, but it would be a challenge for Crunchyroll if most titles popular would end up on Netflix or Hulu. /Disney+.
Also, Crunchyroll may have rights to many series that are currently unavailable on its platform, and as Bloomberg has already reported, this and other things could break their relationship with some distributors/rights holders in Japan. All of this means that the competition could be tougher than expected for Crunchyroll, but we'll have to wait and see how it all develops from now on (for now, some executives might be more excited about the big screen).
While Netflix generated higher overall revenue, Crunchyroll is still the leader when looking at revenue per subscriber.
Source: AnimeHunch, Parrot Analytics
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Netflix
Netflix is one of the most popular and watched streaming services in the world. Beginning with its mail-order DVD service, Netflix has since become an entertainment juggernaut, with original shows and movies including Squid Game, Stranger Things, The Irishman and The Killer.