Netflix saw a significant boost in new customers, thanks to its crackdown on password-sharing in the U.S. and dozens of other countries, as well as its advertising-supported tier. The streamer added 5.89 million subscribers in Q2 — thewendylee
Netflix saw a significant boost in new customers, thanks to its crackdown on password-sharing in the U.S. and dozens of other countries, as well as its advertising-supported tier.
The Los Gatos-based streamer added 5.89 million subscribers in the second quarter, after pressuring non-paying users to sign up for their own plan or risk losing access to their favorite Netflix shows and films. The boost exceeded analysts’ expectations of 1.81 million subscriber adds, according to FactSet.Netflix’s revenue was up 2.7% to about $8.2 billion during the second quarter. Net income was about $1.5 million, compared to $1.4 million a year ago.
“Now that we’ve launched paid sharing broadly, we have increased confidence in our financial outlook,” Netflix said in a letter to shareholders. “We expect revenue growth will accelerate in the second half of 2023 as monetization grows from our most recent paid sharing launch and we expand our initiative across nearly all remaining countries plus the continued steady growth in our ad-supported plan.
The company said its password monetization efforts have reached more than 80% of its revenue base and it has seen sales increase in those regions compared to before its paid-sharing plans went into effect.More password crackdowns at other streamers could be on the horizon if Netflix’s trajectory continues.
“If it works for Netflix, of course they’ll do it,” said Michael Pachter, a managing director at Wedbush Securities, who has an outperform rating on Netflix’s stock.June 2023 was the largest month for U.S. gross subscriber additions in the history of when data analytics firm
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