In the period from January to March, Netflix saw a 15 percent increase in revenue, reaching $9.37 billion. Net profit also rose by 80.2 percent to $2.33 billion. This growth is attributed to a larger number of subscribers and higher prices. The company added 9.33 million subscribers in the first quarter, bringing the total to 269.6 million. Starting next year, Netflix will no longer publish quarterly figures, a move seen as a response to competition from providers like Disney.
The upward trend for Netflix began last year when they stopped allowing the sharing of passwords outside of households, and they expect strong revenue growth in the second quarter at a rate of 16 percent. Despite this growth, the net number of subscriptions may be lower than at the beginning of the year due to seasonal factors. Throughout 2024, the company forecasts revenue growth in the range of 13 to 15 percent.
Overall, market observers view Netflix’s decisions and growth as responses to increasing competition in the streaming service industry, especially from companies like Disney. The company’s focus on increasing subscribers, raising prices, and projecting continued revenue growth reflect their efforts to stay competitive in the evolving market.