Netflix added 5.9 million subscribers in the last quarter according to its latest set of results. The growth comes amidst its drive to cut down on users sharing their passwords.
In its letter to shareholders, the streaming giant noted:
In May, we successfully launched paid sharing in 100+ countries, representing more than 80% of our revenue base. Revenue in each region is now higher than pre-launch, with sign-ups already exceeding
cancellations.
Q2 revenue was up 3% year over year, the company said. However, this was a miss on revenue forecasts, as CNN noted. It led to an 8% drop in stock price during after-hours trading. Furthermore, Morningstar analysts pointed out in a note that “revenue growth has not hit double digits since the fourth quarter of 2021 despite price hikes and revenue enhancement initiatives like paid sharing and the introduction of ad-supported tiers,” Reuters reported.
The streamer also revealed its popular shows and movies. ‘Squid Games’ season one still tops the charts with 265,200,000 all-time views and 2,205,200,000 total watch hours. It is followed by ‘Wednesday’ which has 1,718,800,000 total viewing hours from 252,100,000 views. The most popular movie is ‘Red Notice. Starring the Rock, Gal Gadot and Ryan Reynolds, it has racked up 454,200,000 watch hours from 230,900,000 views.
The results were announced as Netflix ended its cheapest ad-free plan in the US and UK. The move had already happened in Canda.
Affiliate Ad:
