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10mo ago

Netflix Adds 8 Million Subscribers as Password Crackdown and Hit Shows Pay Off

The streaming giant surpasses expectations with strong growth, driven by popular titles and strategic changes to its subscription plans.

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Hannah Dodd as Francesca Bridgerton, Victor Alli as John Stirling and Masali Baduza as Michaela in Season 3 of "Bridgerton."
Awards, including an Emmy, are displayed at Netflix headquarters Los Gatos, Calif. on March 7, 2024. Netflix reports earnings on Thursday, July 18, 2024. (AP Photo/Mike Liedtke, File)

Overview

  • Netflix's subscriber base grew by 8 million in Q2 2024, reaching 277 million globally.
  • The crackdown on password sharing and popular shows like Bridgerton and Baby Reindeer contributed to the surge.
  • Netflix's ad-supported tier saw a 34% increase in memberships, though ad revenue remains a challenge.
  • The company is phasing out its cheapest ad-free plan in the U.S. and France to boost its ad-supported tier.
  • Despite growth, Netflix cautions that the impact of the password-sharing crackdown may diminish in the coming months.