Netflix Gains 5.9 Million New Subscribers Following Password Sharing Clampdown
Surpassing analysts projections.
In the last three months, Netflix has surpassed analyst expectations by almost three times following its clampdown on password sharing.
According to reports, the streaming service’s latest quarterly results saw it gain 5.9 million new subscribers after it cracked down on password sharing between households — overcoming analysts projections of around 2 million new households and increasing its total global subscribers to 238 million. Netflix also posted a $1.8 billion USD profit over the quarter on $8.3 billion USD revenues.
The number was released in the midst of the ongoing writers and actors strike, with co-chief executive Ted Sarandos stating that Netflix hopes that an agreement will be reached “as soon as possible.” He added, “This strike is not the outcome that we wanted.”
In related news, Netflix has scrapped its Basic subscription plan in the US and UK.
