Netflix adds nearly 6mn new subscribers as password-sharing crackdown widens
Netflix password sharing crackdown
Streaming giant Netflix said that it added 5.9 million new subscribers globally in the second quarter of 2023 amid its password-sharing crackdown.
The subscribers from the United States and Canada made up 1.17 million in the newly added 5.9 million pie of subscribers of the leading streaming platform.
Netflix's password sharing crackdown
The platform rolled out its password-sharing crackdown in the United States in late May. Each extra Netflix user out of a household started costing $7.99 per month. The password-sharing ban has been put into place by the streaming platform in India starting July 2023.
How Netflix increased its subscriber base
The revenue in each of Netflix's regions has now risen substantially, with new signups outnumbering cancellations. The streaming giant observed a positive trend of non-paying households transitioning into full-fledged Netflix memberships and an increasing number of users adding extra members to their accounts.
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Netflix's Chief Financial Officer Spencer Neumann highlighted that the majority of the company's revenue growth in the current year is expected to come from the new paid memberships, which can be largely attributed to the password-sharing crackdown rollout.
Netflix revenue and cash flow
Netflix generated $8.2 billion in revenue during the quarter. For 2023, the company now anticipates having at least $5 billion in free cash flowas opposed to the previous estimate of $3.5 billion.
Also watch |Netflix reduces subscription prices in over 30 countries
The increased amount is attributed to "lower cash content spend in 2023 than originally anticipated" due to the ongoing Hollywood writers' and actors' strikes, which has caused disruptions in content production for popular shows like Stranger Things, Big Mouth and Emily in Paris.
Netflix ad-supported tier
An additional factor toNetflix's revenue growth is its $6.99 per month ad-supported tier. It saw a 3 per cent year-over-year increase.
The ad-supported tier gained momentum in May, reaching 5 million users globally after Netflix added support for 1080p video and the option to watch two streams simultaneously. As compared to its competitors,Netflix remains profitable, while Disney+, Paramount Plus and other rival streaming services are still losing money.
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