Netflix shared its Q4 2021 earnings Thursday afternoon. The company added 8.28 million global subscribers for the quarter, just over the 8.19 million expected by analysts ahead of the report. Netflix now has 221.8 million global paid subscribers.
Netflix expects to add 2.5 million more subscribers in first quarter of this year, well below the 3.98 it added in Q1 2021. The company lists competition as the reason for the less optimistic numbers for 2022.
“Consumers have always had many choices when it comes to their entertainment time – competition that has only intensified over the last 24 months as entertainment companies all around the world develop their own streaming offering. While this added competition may be affecting our marginal growth some, we continue to grow in every country and region in which these new streaming alternatives have launched. This reinforces our view that the greatest opportunity in entertainment is the transition from linear to streaming and that with under 10% of total TV screen time in the US, our biggest market, Netflix has tremendous room for growth if we can continue to improve our service,” Netflix wrote in a letter to shareholders.
Netflix announced price increases for all of its plans last week. The Standard plan will now be $15.50 per month, up from $14. The 4K plan will be $20 per month, up from $18. The Basic plan will be $10 per month, up from $9. Subscribers in Canada will also see a price hike.