Netflix added 2.6 million subscribers in July despite password-sharing crackdown

San Francisco. Despite the password-sharing crackdown, streaming giant Netflix’s subscriber base continues to grow. Netflix added 2.6 million more paid users in the US in the month of July.

According to market research firm Antenna, Netflix pulled in a gross of 2.6 million in July, a higher-than-usual total. While it’s still less than the surge in Netflix subscribers we saw in June, it’s another sign that Netflix’s paid-sharing rollout is indeed working.

The company saw a decline of more than 25 percent from its record-breaking June. Nearly 23 percent of Netflix sign-ups went to its ad-supported plan, up 4 points from June 2023 and the largest share of sign-ups since that plan’s launch in November, the report said. .

The company launched paid sharing in May in more than 100 countries, which represent more than 80 percent of its revenue base. Meanwhile, Netflix said it added 5.9 million subscribers globally in the second quarter, including 1.17 million new members in the US and Canada in the April-June period.

Netflix said in a statement that revenue in each region now exceeds pre-launch, with sign-ups already exceeding cancellations. Its password-sharing crackdown is working.

Revenue in the second quarter was $8.2 billion (an increase of 3 percent year-over-year) and operating profit was $1.8 billion. For the third quarter, the company forecast revenue of $8.5 billion, up 7 percent year over year.

(IANS)

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