Netflix gains 2.6 mn subscribers in July despite password-sharing crackdown
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San Francisco: Streaming giant Netflix's subscriber base continues to grow despite the password-sharing crackdown, witnessing 2.6 million gross additions in July, which is overall elevated compared to normal.
However, this is still less than the spike in subscribers Netflix witnessed in June, but comes as yet another sign that Netflix’s paid-sharing rollout is actually working.
Moreover, the report said that nearly 23 percent of Netflix sign-ups went to its ad-supported plan, up 4 points compared to June 2023, and the largest share of sign-ups since that plan's launch in November.
The company launched paid sharing in more than 100 countries in May, representing more than 80 percent of its revenue base.
Meanwhile, Netflix said that it added 5.9 million subscribers globally in the second quarter (Q2), with the United States and Canada making up 1.17 million new members in the April-June period.
"Revenue in each region is now higher than pre-launch, with sign-ups already exceeding cancellations,” Netflix said in a statement.
The revenue was $8.2 billion (3 percent increase year-on-year) and operating profit was $1.8 billion in the second quarter. For Q3, the company forecasts revenue of $8.5 billion, up 7 percent year over year.
With IANS inputs