Last year, Netflix made a particularly risky bet by pushing users who share passwords to create their own accounts — but it’s paid off.
Netflix, the dominant player in streaming, added more than 9 million subscribers in the first three months of the year, hitting a record high of 269.6 million subscribers.
The company also reported $9.37 billion in revenue and earnings per share of $5.28 for the first quarter, beating Wall Street’s estimates, according to FactSet.Much of the company’s past growth and success, analysts say, has come from its old, well-established business model. In recent months, Netflix has made moves to expand and even radically reinvent its business in an effort to juice profit.
The company’s first-quarter letter to shareholders laid out several goals to “sustain healthy growth long term,” including: “Improve the variety and quality of our entertainment — with more great TV shows and movies, a stronger slate of games and must-watch live programming.” Netflix has also expanded into live and sports programming this year, encroaching on traditional TV’s domain. In February, Netflix aired its first-ever awards show, the Screen Actors’ Guild Awards, and announced a 10-year deal to air “WWE Raw” live, valued at more than $5 billion.
The ad tier, which costs $6.99 per month in the United States, significantly less than Netflix’s other subscription plans, has seen explosive growth since it was introduced in late 2022, according to the company. In January, Netflix’s president of advertising, Amy Reinhard, shared that Netflix’s ad-tier had more than 23 million users.
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