After losing subscribers in the 1st quarter of 2022, today Netflix announced that it has turned around its losses and added 1.75 million subscribers. This is excellent news for a company that needed to show stockholders some good news.
Netflix recently has cut the cost of its service is multiple countries and put in new rules to block password sharing. These efforts have not come to the US yet but do seem to be working to help Netflix add subscribers.
Netflix has also seen several big blockbuster originals that have helped drive subscriptions love the last year.
Netflix’s DVD business generated $145.7 million in revenue, down 20% from the same time in 2022. DVDs now make up just 0.5% of Netflix’s revenue.
In total, Netflix now has 232,500,000 subscribers. Netflix no longer offers guidance on what it expects to happen with subscribers going forward.
This is breaking news more is coming soon.