Chief Financial Officer at Netflix
No, it's really just FX, Nidhi, so as we said in the letter. We lost about a $1 billion of expected revenue in '22 through FX, that's about 2 points of margin. So, if you just kind of look at our guide and add that back on, we're right on our pace of adding about 3 points of margin per year and can forget we were over-delivering on margin in the last couple of years. So, that's really all it's happening here. And the FX move happened in really the last six months of last year. So, what we've always said is we don't want to swing the business unnecessarily fast. We want to be able to invest in a healthy way into our growth opportunity.
So -- and over time, we will then rightsize our -- appropriately our investment levels or cost structure or pricing in order to rightsize for where the currencies are coming in and so this gives us some time to do it. So, it gives us a little time. We will catch back up. We're still committed to roughly 3 -- average of 3 points of margin increase over any few year period, but there's no change there. We've been factoring in our content investment or games investments all along.
And I just want to say in our growth too, we talk a lot about this deceleration. Obviously, we'd like to grow faster, but there's still very healthy growth in this business. What you're seeing in -- we ended the year last year with 19% growth year-over-year. When you've seen the guide, it's 10% revenue growth for Q1, but that's a bit misleading again because of FX. There's about 4 points of drag in our revenue in Q1.
So, the under -- what I would argue FX adjusted constant currency for Q1 year-over-year is about 14% growth. It's also a tough comp year-over-year in Q1 because you may remember, we increased prices in the U.S. in Q4 of '20 which flowed through to Q1 of '21 when it was really materialized. So, the year-over-year comp is tough. So, the underlying organic revenue growth in the business is right now is in Q1, more like 15% plus 15%, 16%, 17%. So that's, that's just in the quarter. And that's still very healthy underlying growth in the business. I don't want to dismiss that. We'd love to be growing faster. We'd love to not have the negative FX swings, but still very healthy growth in the business.