Streaming platform, Netflix yesterday reported that it has received 6 million further subscriptions even after launching a crackdown on password sharing.
With this, there are now 238.4 million Netflix subscribers worldwide, a gain that is significantly above analysts’ projections. This can be partially linked to the global implementation of its paid-sharing regulations, which were initially developed in response to last year’s crisis. To boost revenue following a challenging year, Netflix intensified its crackdown on consumers sharing passwords with anyone outside of their immediate family in May.
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It had earlier been projected that Netflix would grow 2.2 million subscribers following the crackdown but the 6 million surge is way above that. The increase in subscribers comes as a writers’ and actors’ strike threatens to cripple the US entertainment sector, but analysts think Netflix is better prepared than its competitors in the sector to ‘weather the storm’. They have attributed Netflix’s ability to push through the ongoing strike to its extensive worldwide production presence, which includes significant studio spaces in the United Kingdom.
We need to get to this strike to a conclusion so that we can all move forward.
Ted Sarandos, co-CEO of Netflix, stated during a presentation of the company’s financial results.
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In a letter to its investors, Netflix asserted that although there has been growth in the company’s sales, they are still trying to find new ways to improve their user experience and boost the platform further through must-see television shows and films, enhancing revenue generation, increasing player satisfaction with our games, and making investments to enhance our member services.
