Netflix subscribers soar to over a quarter of a billion

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.

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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.

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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.

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TechloyEmmanuel Oyedeji

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.

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TechloyEmmanuel Oyedeji