Netflix shared that the platform accumulated 9.3 million subscribers within the first quarter of the year, a few months after implementing a password crackdown and ad-tiers.
The streaming giant also reported that the company generated a soaring profit after expanding into advertising but revealed that future growth remains uncertain.
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Netflix Shows Impressive Stats for Q1 2024
Within a year, Netflix managed to quadruple its 1.8 million subscriber gain from January to March. The company also managed to outdo the projected numbers of the analysts by three times more.
Netflix ended March with around 270 million global subscribers, most from the U.S. and Canada. These regions are responsible for almost 83 million subscribers of the streaming platform.
Investors quickly acknowledged the company's ability to remain on top after making an impressive comeback, a few years after the pandemic's setback. Netflix's stock price reportedly doubled since the end of 2022, making the streaming competition against Apple, Amazon, and Disney, even harder.
Netflix to Stop Quarterly Updates Staring 2025
In a shareholder letter, Netflix disclosed that it will stop providing quarterly updates by next year. This means that the platform will no longer update its subscriber totals, making it harder to track its growth or contraction.
Netflix co-CEO Greg Peters argued that the company's financial growth is more meaningful compared to the quarterly numbers of subscribers.
"We think this is a better approach that reflects the evolution of the business," Peters said.
Regardless, the company clarified that it will still provide annual updates on its total subscribers. Netflix is shifting its vision to long-term trends and results instead of three-month increments.
Netflix also renewed its subscription plans by introducing a more profitable model. The streaming platform has already introduced its ad-supported and ad-free plans to further boost its revenue. The company has also previously hinted at an increase in its subscription prices.
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