- The streaming giant achieved 4.7 million subscribers in the first three months of 2024
- This is the highest number of subscribers since 2020, when lockdown caused a surge
- Experts predict profits will rise by more than 50 per cent to £1.6bn.
Netflix profits will hit a new record following the launch of the popular show One Day and a crackdown on password sharing.
The streaming giant gained about 4.7 million subscribers in the first three months of the year, according to Wall Street forecasts.
This is the highest number since 2020, when lockdowns caused a huge increase in customers.
It represents a notable turnaround for the company, whose fortunes appeared to have peaked during the pandemic.
Behind the recovery are new rules about the number of people who can share a password.
Netflix profits will hit a new record following the launch of the popular show One Day and a crackdown on password sharing.
Netflix has about 260 million users worldwide, compared to Amazon Prime’s 200 million and Disney+’s 150 million. Pictured: Andrew Scott as Tom Ripley in a scene from Ripley.
Netflix may ask a user to confirm via email verification that they are the account holder and will otherwise be locked out.
Experts warned that the proposal to make it harder to share logins would ruin business.
But more people have signed up since a cheaper monthly payment plan was introduced in 2022 that includes ads, for £4.99.
The ad-free version costs £7.99.
Profits are now believed to rise more than 50 per cent to £1.6bn, the highest level ever recorded in the first quarter of the company’s financial year, according to Refinitiv data.
It keeps Netflix firmly at the forefront of the so-called “streaming wars,” in which it has gone head-to-head with titans like Disney, Amazon and Apple.
Netflix has about 260 million users worldwide, compared to Amazon Prime’s 200 million and Disney+’s 150 million.
One of their biggest hits this year is One Day, an adaptation of David Nicholls’ book, which has been viewed more than 15 million times.
The romantic drama, starring Leo Woodall and Ambika Mod, gained celebrity fans including Kim Kardashian, who urged her 364 million Instagram followers to watch the show.
Netflix is also known for making The Crown and films like The Power Of The Dog. It was launched in 1997 as a video rental company.
In 2007, he created a streaming service and released his first original drama, House Of Cards, in 2011.
Netflix will release its first-quarter results on Thursday.
The streaming giant achieved an estimated 4.7 million subscribers in the first three months of the year, according to Wall Street forecasts