This week, Netflix reported its first quarter 2024 earnings and added a staggering 9.33 million new subscribers to its tally.
Netflix added 2.53 million subscribers in the United States and Canada. In Europe, the Middle East, and Africa 2.92 million were added. Latin America added 1.72 million, and the Asian-Pacific market grew by 2.16 million.
During its quarterly report, Netflix announced it will stop reporting subscriber numbers asking investors to focus on its revenues instead. This change will take effect in the first quarter of 2025.
For years streaming services have pushed subscriber numbers as key to track growth. Now that the streaming market has matured it is asking investors to switch their focus to revenue and operating margins.
Some have speculated Netflix is reaching maturity where subscriber growth will be slower as most people who would want the service have access to the service. Other companies like DIRECTV have also stopped reporting subscriber numbers. Private companies that own streaming services also typically do not report subscriber numbers.
Cord cutting continues to mature. Little is changing for investors. Profit is becoming more important than simply getting subscribers.
Netflix now controls 8.1% of the US TV viewing market.
Revenue for the first quarter 2024 was $4.224 billion, up 7% year over year.
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