Netflix attracted 9.3 million new subscribers in the first quarter of 2024, bringing its global total to 269.6 million at the end of March.
The streaming company also said its profits in the first quarter jumped year-on-year by 54% to more than $2.3bn while revenues grew by nearly 15% year-on-year to $9.37bn.
Announcing first-quarter results that were ahead of analyst expectations, Netflix said it would stop reporting subscriber numbers from 2025 and would announce them only when major milestones are reached.
Netflix wants investors to focus instead on revenue and operating margins rather than new subscribers.
“As we’ve noted in previous letters, we’re focused on revenue and operating margin as our primary financial metrics — and engagement (i.e. time spent) as our best proxy for customer satisfaction,” the company said in its quarterly letter to shareholders. “In our early days, when we had little revenue or profit, membership growth was a strong indicator of our future potential.”
Titles fuelling the first quarter growth included Netflix’s live-action adaptation of Avatar: The Last Airbender, sci-fi series 3 Body Problem, Guy Ritchie’s The Gentleman, and the last season of Love Is Blind.
The streaming company is navigating its transformation from targeting subscriber growth to focusing on profit, as it uses price hikes, a crackdown on password sharing and an ad-supported tier to boost revenue.
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Saleha Williams appointed CEO of IABM
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