"Netflix Surpasses Half a Billion Audience Milestone with 9.3 Million New Subscribers, Implements Revenue-Boosting Strategies"

In its first quarter report for 2024, Netflix surpassed expectations, revealing the addition of 9.3 million new subscribers and profits totaling approximately $2.3 billion (equivalent to €2.2 billion). The streaming giant now proudly boasts a subscriber base of 269.6 million globally, with North America representing its largest market, comprising around 83 million subscribers.

In a letter addressed to investors, Netflix highlighted the significant reach of its platform, noting an audience of over half a billion individuals, with an average of more than two people per household. The company emphasized its unparalleled scale and ambition in programming, asserting that no entertainment entity has operated on such a grand scale before.

According to earnings figures, Netflix's profit exceeded that of the same quarter in 2023 by over $1 billion, with revenue also increasing by just over $1 billion. Despite this positive financial performance, the company's shares experienced a slight dip in after-market trading on Thursday.

However, over the past year, Netflix's shares have shown a notable upward trend, driven by efforts to boost revenue, such as cracking down on password sharing across multiple households and introducing a lower-cost subscription option that includes advertisements. From standing below $300 this time last year, the stock recently reached a peak of just over $581.

This reflects investors' growing perception of Netflix as the predominant leader in the fiercely competitive streaming market, which includes major players like Apple, Amazon, Disney, and Warner Bros. Discovery.

However, Netflix surprised investors by announcing in a letter to shareholders that it would cease quarterly updates on subscriber numbers starting next year, making it more challenging to track the company's progress.

Since its initial public offering in 2002, Netflix had consistently provided these updates, originally as an online competitor to DVD rental stores.