Netflix attracts 8 million new subscribers by capitalizing on its crackdown on password sharing

Netflix has added more than 8 million subscribers in three months by capitalizing on a crackdown on password sharing.

The American streaming giant now has more than 278 million subscribers watching its shows after attracting new users.

The company added 8.05 million paying customers in the three months to the end of June, compared with 5 million in the same period in 2023.

The number of new customers has skyrocketed since the start of the year, when the company made it harder for friends and family to share accounts, prompting millions of users to sign up on their own.

Many have also signed up to watch Netflix shows including One Day, Scoop, starring Gillian Anderson, and controversial global sensation Baby Reindeer.

But while subscriber growth exceeded analysts’ predictions, Netflix warned that subscriber additions in the next quarter would be lower than in the same period in 2023.

The streaming giant yesterday reported profits of £1.6 billion and revenues of more than £7.4 billion.

Netflix thrived during the pandemic when much of the world was confined to their homes, but analysts questioned whether it could maintain its momentum.

Since then, the group has focused its efforts on its ad-supported option, which offers lower prices to viewers.

Netflix said its ad-supported membership tier grew 34 percent from the previous quarter, but did not say how many subscribers chose that option.

“Our advertising business is growing at a good pace and is becoming an increasingly significant contributor to our business,” he told investors.

“But building a business from scratch takes time, and given the large size of our subscription revenue, we don’t expect advertising to be the primary driver of our revenue growth in 2024 or 2025.”