Netflix announced its strongest start to the year since 2020, helped by a crackdown on password sharing and the release of popular exclusive movies and shows.
The streaming platform reported Thursday that it added 9.3 million subscribers during the first quarter, more than double the gains expected by Wall Street analysts.
Revenue in the first quarter was $9.37 billion, compared to expectations of $9.28 billion.
Netflix said it had attracted new customers from around the world, especially in the United States and Canada. It now has almost 270 million subscribers, consolidating it as the most popular streaming service worldwide.
Netflix announced its strongest start to the year since 2020
Popular exclusive content like Avatar: The Last Airbender helped Netflix grow subscribers and beat profit estimates.
During Disney’s annual shareholder meeting earlier this month, activist investor Nelson Peltz described Netflix as the archetypal streaming platform that was setting an example for the industry.
Amazon Prime Video is the second most popular streaming platform and has around 220 million subscribers worldwide.
Last year in the United States, Netflix accounted for eight percent of all television viewing, while Prime and Disney only accounted for three and five percent respectively.
Netflix’s recent growth was also driven by a strong offering of exclusive content, the company said, including Griselda, Avatar: The Last Airbender, Fool Me Once and The Gentleman.
While paying subscribers are the business’s bread and butter, investors are listening closely for updates on how the company will continue to grow.
Last year it launched an ‘ad-tier’ subscription that offers cheaper access to its shows but includes ads.
The subscriber increase follows a series of wins for the streaming service, including signing a $5 billion deal to bring WWE’s Raw wrestling show to Netflix from early 2025.
About 40 percent of new subscribers in the United States last year opted for that subscription, which costs $6.99 a month. Their ad-free tier, on the other hand, costs $15.49 per month.
Investors also want to know more about the streaming giant’s anticipated foray into sports streaming. In January, it was announced that WWE would move its flagship show, Monday Night Raw, to the platform.
Netflix revealed for the first time its The crackdown on password sharing paid off in January.
The service announced that it added 13 million new subscribers last year, as password “borrowers” were forced to create their own accounts.