- Streaming service announced profits of $2.3 billion for first three months of 2024
- Netflix has also added 9.3 million customers between January and March
- Jump attributed to password crackdown and successful shows
There may have been disappointment among some when Netflix cracked down on password sharing, but it has had the desired effect for the company – customer numbers and profits are both up markedly in the first three months of the year.
Netflix reported that it had added 9.3 million customers from January to March – the streaming service now has nearly 270 million subscribers in all. The service estimates it has an audience of more than half a billion.
In addition, profits at Netflix jumped to $2.3 billion for the first quarter of the year, with revenues of $9.37 billion – a rise of 15% year-on-year.
The reason for the jump was given as the crackdown on password sharing, but also that Netflix had had a string of hit shows in 2024 such as dramas Griselda (which has had 66.4 million views, according to Netflix) and 3 Body Problem (39.7 million views); Avatar: The Last Airbender (63.8 million views), a live action adaptation of an animated series; reality TV such as Love Is Blind season six (20 million views) and true crime with American Nightmare (50.2 million views).
However, from next year, it will be more difficult to find out subscriber numbers, as Netflix will stop reporting them. The company said the decision was taken because it is not such a strong indicator of the company’s health and future potential as it was in its early days.
Netflix also outlined its future growth plans, which include improving the variety and quality of its entertainment with more TV shows and movies, a stronger slate of games and must-watch live programming, as well as innovating in its products and marketing and scaling advertising.
