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Shillong, July 20: Streaming giant Netflix continues to expand its subscriber base, adding 5.9 million new members globally during the second quarter (Q2). Notably, the US and Canada contributed 1.17 million of these new subscribers in the April-June period.
Netflix’s recent launch of paid sharing in over 100 countries, representing more than 80% of its revenue base, has been fruitful. Revenue in each region has surpassed pre-launch levels, with sign-ups outpacing cancellations.
IANS reported, the company’s revenue reached $8.2 billion, marking a 3% year-on-year increase, while operating profit amounted to $1.8 billion in Q2.
Looking ahead, Netflix expects revenue growth to accelerate in the second half of 2023, benefiting from paid sharing and steady growth in its ad-supported plan. For Q3, the company forecasts revenue of $8.5 billion, reflecting a 7% year-over-year increase.
Netflix acknowledges the success of its password-sharing crackdown and aims to further improve monetization through initiatives like paid sharing and advertising. The company is now addressing account sharing between households in most of its remaining countries. While not offering an extra member option in these markets, Netflix remains optimistic about its growth potential, particularly in countries where prices have been reduced and penetration is still relatively low.