Netflix enjoyed its biggest springtime spurt in subscribers since the early days of the pandemic three years ago, providing the latest sign that a recent crackdown on password sharing and the rollout of a cheaper subscription option are paying off.
The gains easily surpassed the roughly 2.2 million additional subscribers that analysts surveyed by FactSet Research had anticipated. Netflix ended June with 238.4 million worldwide subscribers.Investors seemed unsatisfied, perhaps rattled by management commentary in a shareholder letter warning that “quite a competitive battle” continues to unfold against the backdrop of ongoing strikes by both the writers and actors union in the U.S.
In 2020, people were still largely stuck at home and looking for ways to keep themselves entertained while governments around the world struggled to find a way to contain the spread of pandemic. Now, Netflix finds itself trying to bounce back from a growth slowdown amid stiff video streaming competition and inflationary pressures that have caused many households to clamp down on spending, especially on discretionary items such as entertainment.
And Netflix still isn’t done tinkering. As part of Wednesday’s earnings release, Netflix also revealed it’s phasing out its cheapest ad-free plan – a service that costs $10 in the U.S. Existing subscribers already paying for this basic plan will be allowed to keep it. The shift appears designed to get more people to switch to the $7 monthly plan that includes commercials in hopes of boosting ad revenue or sign up for its $15.50 monthly standard plan or $20 monthly premium plan.
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