Netflix makes huge profits after banning account sharing on its platform
Netflix’s profit reached $ 1.8 billion in the last quarter!
Netflix compensated for the biggest loss of subscribers in its history with a controversial measure, and after a while, it showed positive results. According to the latest earnings report, Netflix attracts 5.9 million new global subscribers in the second quarter of 2023Including more than a million in the United States and Canada thanks to account sharing restrictions.
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Amount exceeded analyst projectionsHe expected Netflix to hit nearly 2 million new homes in the last three months.
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According to the latest earnings report, Netflix saw revenue growth of 2.7 percent year over year. Earnings for the quarter reached $1.8 billion on revenue of $8.3 billion.
The change of course regarding the results of this measure is surprising, especially considering the behavior of users in some countries. According to the data shared in April in Spain, 1 million users lost after banning account sharing.
With Disclosure of these numbers amid writers and actors’ strikes has hit the industry on wages and artificial intelligence (AI) use.Netflix Co-CEO Ted Sarandos did not remain indifferent. He explained that “the strike was not the result we wanted” and that they hoped to reach an agreement “as soon as possible”.
The withdrawal of the actors’ and writers’ unions for the first time since the 1960s It can seriously affect the industry. However, according to a Deutsche Bank report, Netflix will have an advantage over other platforms.due to recent policies, programming and audience, and foreign hits.
Now, shared account plan requires no additional payment for users living in the same place.. Netflix restricts access based on IP and other location data.
To facilitate the transition to new policies, Netflix has provided tools that allow those who share accounts to sign up for their own accounts and improved profile transfer amid the initial chaos of password sharing.
Considering the behavior Netflix confirms it will implement joint bill payment in regions where it is not available. As such, the platform expects revenue growth to accelerate further as it begins to reap the full benefits of paid sharing and additionally adopts its ad-supported plan. Netflix currently has 238 million subscribers worldwide.
Source: i Padizate
