Netflix says its audience grew but it won't report subscriber numbers in future

Netflix has announced a significant subscriber increase in the first quarter of 2024, adding 9.33 million members and bringing its total to 270 million worldwide - but this will be one of few remaining reports of this kind from the steamer.

It beat analysts' expectations, with the company reporting a 15% increase in revenue, totaling $9.4 billion, and net income rising sharply by 79% to reach $2.3 billion.

The company's commentary, meanwhile, highlighted a number of changes including the decision to stop disclosing quarterly subscriber numbers (starting next year).

Instead, Netflix said will focus its investor communications on broader financial metrics like revenue and profit, which it views as more reflective of its current business state and future potential.

The streamer also noted other recent changes to its service including the addition of an ad-supported subscription tier and its stricter controls on password sharing - both of which were well-received by stock market investors.

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Some reports suggest Netflix's pivot away from reporting subscriber numbers may indicate concerns about future subscriber growth rates, albeit other commentators note that the streaming company is in a maturing phase following its rapid growth in past years.

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• "Netflix To Stop Reporting Quarterly Subscriber Numbers In 2025" - Deadline
  
• "Netflix Adds 9.33 Million Subscribers in Q1 2024" - Variety
  
• "Netflix boosts subscribers in Q1 but revenue guidance falls short" - Proactive
  
• "Netflix profits surge as streaming service adds 9.3m subscribers in latest quarter - The Guardian
  
• "Netflix: Profits soar after password sharing crackdown" - BBC News