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8 months ago
27
Netflix announced its strongest start to the year since 2020, aided by a crackdown on password sharing and the release of popular exclusive films and shows.
The streaming platform reported on Thursday that it added 9.3 million subscribers over the first quarter it - more than twice the gains expected by Wall Street analysts.
Revenue in the first quarter was $9.37 billion, compared with expectations of $9.28 billion.
Netflix said it had attracted new customers from all over the world, especially in the US and Canada. It now has almost 270 million subscribers, cementing it as the most popular streaming service globally.
Netflix announced its strongest start to the year since 2020
Popular exclusive content like Avatar: The Last Airbender helped Netflix to boost subscribers and beat earnings estimates
During Disney's annual shareholder meeting earlier this month, activist investor Nelson Peltz described Netflix as the archetypal streaming platform that was setting an example for the industry.
Amazon Prime Video is the second most popular streaming platform and has around 220 million subscribers worldwide.
Last year in the US, Netflix accounted for eight percent of all TV viewing, while Prime and Disney only made up three and five percent respectively.
Driving Netflix's recent growth was also a strong offering of exclusive content, the company said, including Griselda, Avatar: The Last Airbender, Fool Me Once and The Gentleman.
While paying subscribers are the bread and butter of the business, investors are listening closely for updates on how the company will grow further.
Last year it launched an 'ad-tier' subscription which offers cheaper access to its shows but includes adverts.
The subscriber increase follows a series of wins for the streaming service, including signing a $5 billion deal to bring WWE's Raw wrestling show to Netflix from the start of 2025
Some 40 percent of new subscribers in the US last year opted for that subscription, which costs $6.99 a month. Its ad-free tier, on the other hand, costs $15.49 a month.
Investors also want to learn more about the streaming giant's anticipated foray into sports streaming. In January, it was announced that WWE was moving its flagship program, Monday Night Raw, to the platform.
Netflix first revealed its password sharing crackdown had paid off in January.
The service announced it added 13 million new subscribers last year as password 'borrowers' were forced to create their own accounts.
English (US)