Netflix records nearly 10 million new subscribers in 2024

Netflix announced on Thursday (19th) that it had gained 9.33 million paying subscribers in the first quarter of 2024, exceeding (and by far) the estimates of analysts who were betting on only 3.93 million. According to Variety, streaming also beat forecasts in the financial sector: its net profit was $2.33 billion, higher than expected.

Some of the shows that have led to Netflix’s stellar results include:

Through 2024, Netflix expects revenue growth of 13% to 15% (compared to 6.7% growth in 2022) and an operating margin of 25% (compared to its previous forecast of 24%).

After Meta, which in February announced that it would no longer detail the number of daily and monthly Facebook users each quarter, Netflix announced during the results presentation that, starting next year, it will no longer report the number of new subscribers who have joined the service. (something that can also be observed in Apple).

The decision is expected to impact the industry, which has been fueled by the battle for streaming subscribers for years. With the change, the focus will be on highlighting revenue growth and the amount of time spent on its platform.

In the early days, when we had little revenue or profit, membership growth was a strong indicator of our future potential. But now we are generating very consistent profits and free cash flow.

However, the company underlined that “will announce important milestones for subscribers as we surpass them”, which means we will probably only hear about specific results again when they surpass 300 million paying users.

The post Netflix records nearly 10 million new subscribers in 2024 appeared first on Olhar Digital.

Source: Olhar Digital

Rose

Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.