Netflix Gained More than 9 Million Subscribers for Q1 2024

Netflix is in an interesting spot right now – despite growing criticism from consumers and third parties regarding its crackdown on password-sharing (not to mention mixed reception towards original programming) and other allegedly divisive business practices, it seems that the streaming platform has recently gained a substantial amount of subscribers during this year’s first quarter.

More specifically, new data from Netflix’s reported earnings show that it gained 9.33 million paid subscribers for Q1 2024 alone, reaching a total of 269.60 million subs as of March 31. Interestingly, this follows a record of more than 13 million new subs for Q4 2023.

For the U.S. and Canada, Paid subscribers grew in Q1 by 2.53 million in the USA and Canada, while 2.92 million subs were counted across EMEA regions. Meanwhile, subs increased by 2.16 million within the Asian-Pacific region.

Netflix attributes this increase in subscribers to new shows including the live-action “Avatar: The Last Airbender,” the new “3 Body Problem,” “The Gentleman,” and “Damsel,” to name a few.

As for revenue, reports show a net income of $2.33 billion and free cash flow at $2.13 billion for the first quarter. Netflix further expects a revenue of $9.49 billion and diluted EPS of $4.68 with net income of $2.06 billion for Q2, with a revenue growth of 13% to 15% and an operating margin of 25% for this entire year.

Source: Variety