Netflix has successfully garnered millions of new subscribers in recent months, primarily due to its decision to discontinue the practice of account sharing among friends and family, prompting more individuals to obtain their own subscriptions.
Over the last three months, Netflix has welcomed 8.8 million new subscribers, marking the most robust quarterly growth in years and nearly matching the number of new subscribers added throughout the entire year of 2022, which saw a total of 9 million additions.
The global subscriber base of Netflix now exceeds 247 million, and the company appears to be well on its way to reach a total of 20 million paying customers for this year.
For an extended period, Netflix allowed users to share accounts with individuals at different addresses, enabling subscribers to keep their monthly costs down. However, this resulted in missed revenue opportunities for the company. At present, users must pay a higher monthly fee if individuals outside their household wish to access the service, at a rate of 4 euros per person per month.
The remarkable growth in the past quarter has translated into substantial earnings for Netflix. Revenue has increased by 8 percent compared to the same quarter the previous year, totalling approximately 7.6 billion euros, with a net profit of almost 1.6 billion euros.
Netflix has announced plans to raise subscription prices in major markets in the near future. In the United States, the cost of the most expensive subscription will increase by 3 dollars, reaching 23 dollars per month. The standard subscription will now cost $12 instead of $10.
Price adjustments are also slated for the UK and France.
