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Netflix reports rapid subscriber growth

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This was facilitated by steps taken by the company to prohibit the sharing of user passwords and increased prices for some subscriptions.

Streaming platform Netflix said subscriptions grew rapidly in the last quarter of last year. The BBC reported it.

In three months, the streaming giant added more than 13.1 million subscriptions. That’s the largest number for any quarter since 2020, continuing a streak of gains that began last year.

Netflix said it is confident in its growth path and plans to raise prices.

“We largely paused price increases when we implemented paid shares. Now that we’ve done that, we can go back to our usual strategy,” co-CEO Greg Peters said on a call with analysts .

Many new members opt for the cheapest plan, even if they are not deterred by the prospect of seeing ads.

In the 12 countries where it offers advertising, including some of the biggest markets like the UK and the US, the plan accounts for 40% of new subscribers, according to the company.

For the standard plan with ads, Netflix charges £4.99 in the UK and $6.99 per month in the US, compared to £10.99 and $15.49 without ads.

Overall, Netflix generated more than $33.7 billion in 2023, up 6% from 2022.

It was previously reported that Netflix published a report detailing the most popular shows and movies watched on the platform from January to June 2023.

The film community is calling on the authorities to redirect the funds allocated to it to the Armed Forces of Ukraine
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Source: korrespondent

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