In the first quarter of 2021, Netflix’s revenue increased by approximately 15 percent, reaching $9.37 billion, as reported on Thursday. Net profit also saw a significant growth of 80.2 percent, reaching $2.33 billion. This surge in income can be attributed to a larger number of subscribers and higher subscription prices.
Netflix announced an increase of 9.33 million subscribers in the first quarter, bringing the total to 269.6 million. The company also revealed that they will no longer be publishing quarterly figures starting next year, which is seen as a move to stay competitive with streaming service providers like Disney.
The rise in revenue started last year when Netflix decided to crack down on password sharing outside of households. The company is expecting strong revenue growth of 16 percent in the second quarter, although the net number of subscriptions may be lower due to seasonal factors. Netflix predicts a revenue growth of 13 to 15 percent throughout 2024.
Overall, the company’s financial performance is on an upward trajectory, driven by increasing subscriber numbers and strategic decisions to maintain competitiveness in the streaming industry.