Netflix Adds More Than 9 Million Subscriptions for The Quarter
The crackdown on password sharing worked!
Netflix continues to add more subscribers to its service, but next year, the company won’t bother telling anyone about it.
Subscriber membership numbers, which is considered a key metric on the success of a streaming service will not be reported on by Netflix starting next year, the company said in its letter to shareholders published on Thursday. Instead, Netflix will focus on engagement saying that the time customers spend on the service is a better indicator of their satisfaction.
It’s also perplexing that Netflix doesn’t want to announce its subscriber growth because Thursday’s earnings report showed the service added 9.33 million subs for the first fiscal quarter of 2024. This brings Netflix’s global subscriber count to approximately 270 million..
Some are speculating that Netflix has reached its peak when it comes to subscriptions and may be anticipating flat numbers next year.
The past year has been a strong year for Netflix overall in both revenue and subscribers. This boom for the streaming service is likely due to the password sharing crackdown that started in early 2023.
