maaxx.ca

Bisnis.comJAKARTA – Through its latest report, netflix report an increase in the number of subscribers following the implementation of policies restricting the sharing of passwords or shared passwords. That said, Netflix plans to implement the policy in all countries.

Launching The Verge, Thursday (20/7/2023), an increase of up to 5.9 million subscribers worldwide occurred during the period from April to June.

Based on the second quarter earnings report released Wednesday (7/19/2023) yesterday. In the United States and Canada alone, there were 1.7 million new subscribers during the same period.

In line with this, Netflix admits that it now generates higher revenue, even though it fell short of its target. Reuters launch, Thursday (7/20/2023), quarterly revenue rose 2.7% year-on-year to US$8.2 billion or around IDR 122.8 trillion, below analyst estimates of US$8.3 billion or around IDR 124.3 trillion.

Despite the increase, revenue that fell short of the target sent Netflix shares down almost 9%.

The company also reported diluted earnings per share of $3.29 or around Rp49,000 for the second quarter, above analysts’ consensus estimate of $2.86 or around Rp42,000.

“While we have made steady progress this year, we still have work to do to accelerate our growth again,” the company said in its quarterly letter to shareholders.

Previously, the restrictions policy shared passwords which means that a single account can only be used by people in the same household only came into effect at the end of last May for a number of countries such as the United States, Canada, New Zealand, Portugal and Spain.

Users in different locations need to pay an additional fee of USD 7.99 or around IDR 119,000 per month.

The increase in the number of users is 1.9 million higher than the objective. Now, Netflix has a total of 238.4 million subscribers worldwide as of the end of June. After a significant positive impact on its cash flow, Netflix plans to implement this policy nationwide.

With revenue close to target, Netflix is ​​now expected to have at least US$5 billion or Rs 74.9 trillion of free cash flow in 2024.

The increase from the previous target of US$3.5 billion is the implication of lower spending due to the strike action of a number of Hollywood writers and actors. The strike could make it harder for Netflix to deliver new content.

Shows such as Stranger Things, Big Mouth, Emily in Paris, The Sandman and others have been known to halt production during the strike.

Check out other news and articles on Google News