Netflix Gains Nearly 6 Million Subscribers As Paid Sharing Soars

A year after its largest quarterly loss and a significant drop in subscribers, Netflix has made a remarkable recovery by adding 5.9 million global subscribers in the second quarter of 2023, surpassing analyst expectations. TechCrunch reports: The subscriber addition far exceeds industry guidance; analysts forecasted an increase of 1.7 million subs. Netflix ended Q1 with 232.5 million users. Netflix's quarterly earnings results arrive a few hours after news broke out that the streamer dropped its basic plan in the U.S. and the U.K. Netflix's significant subscriber gain this quarter reflects the impact of its paid sharing rules. Netflix wrote in its letter to shareholders, "In May, we successfully launched paid sharing in 100+ countries, representing more than 80% of our revenue base." The company added that today it's rolling out paid sharing to "almost all the remaining countries," including Croatia, Kenya, Indonesia and India. Netflix reported $8.2 billion in revenue and a net income of $1.5 billion.

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