Subscribe to Our Newsletter

Success! Now Check Your Email

To complete Subscribe, click the confirmation link in your inbox. If it doesn't arrive within 3 minutes, check your spam folder.

Ok, Thanks
Netflix subscribers soar to half a billion
Photo by Mollie Sivaram / Unsplash

Netflix subscribers soar to half a billion

The subscriber surge can partly be attributed to Netflix's aggressive crackdown on password sharing.

Emmanuel Oyedeji profile image
by Emmanuel Oyedeji

Defying analyst expectations, streaming giant Netflix added a whopping 9.33 million new subscribers in Q1 2024 marking a rebound from a slowdown in 2021 and 2022. This stellar performance marks its strongest start to a year since 2020.

INFOGRAPHIC: Amazon Prime Video vs. Netflix — A Comparison Guide
Netflix and Amazon Prime Video each have their unique strengths in the streaming business.

The subscriber surge can partly be attributed to Netflix's aggressive crackdown on password sharing. The company estimated over 100 million people were accessing accounts for free, and their crackdown successfully converted millions into paying customers.

Netflix Cracks Down on Password Sharing, Expands Restriction Worldwide
Hold onto your popcorn, folks, because Netflix is making a bold move to crack down on the long-standing practice of password sharing. No more sneaky logins for your distant cousin’s boyfriend’s best friend! The streaming titan has decided to tighten the reins and introduce stricter rules to ensure fair usage

Combined with a steady stream of hit shows, Netflix continues to captivate viewers boasting a dominant position in most major media markets worldwide with a particularly strong showing in the US and Canada.

This performance further lengthened its lead over rival streaming platforms as it now boasts nearly 270 million paying subscribers around the world. In the US alone, it accounted for a 27% share of streaming service viewing and roughly 8% of all TV viewing.

CHART: Top Streaming Services in the U.S. in January 2024
In the U.S., streaming giants such as Netflix, Hulu, Disney+, and Prime Video continue to battle for dominance, while rising stars like Max, with its HBO and Warner Bros. content, and Apple TV+, with its award-winning originals, are making waves.

This subscriber explosion translated to revenue exceeding projections with a healthy 15% growth to $9.37 billion. Net income rose to $2.33 billion, or $5.28 per share. Meanwhile, Netflix's shares are inching towards record highs, with a market value exceeding $260 billion.

Looking ahead, the company remains cautious about the present quarter, anticipating lower subscriber gains with a projected 16% increase in revenue.

Netflix’s subscribers reached 231 million as of 2022
Movie streaming service, Netflix added millions of subscribers in Q4 2022, according to the company’s fourth-quarter earnings released this week, beating Wall Street’s expectations in terms of net subscriber additions. The service added 7.7 million subscribers between October and January, bringing its total subscriber base to 231 million, as
Emmanuel Oyedeji profile image
by Emmanuel Oyedeji

Subscribe to Techloy.com

Get the latest information about companies, products, careers, and funding in the technology industry across emerging markets globally.

Success! Now Check Your Email

To complete Subscribe, click the confirmation link in your inbox. If it doesn’t arrive within 3 minutes, check your spam folder.

Ok, Thanks

Read More