Netflix Is On A Roll As It Adds More Than 2 Million Global Subscribers Despite Crackdown On Password Sharing

Netflix has been going through some tough times lately as the company mentioned last quarter how it was unable to meet its quarterly targets. This came with a drop in users and shocking reports about how most people were sharing passwords instead of making their own accounts.

But today, the famous streaming service has highlighted some positive growth in the form of new subscribers. This includes around 2.4 million new users that have joined.

And we feel the news couldn’t have come at a better time because the company is cracking down against those who share passwords.

Other than that, the company did also unveil a new pricing tier for those who wished to get bargain packages at the cost of ads being included. It’s a pretty fair deal we feel because you’ve got to lose one thing to gain another, right?

Netflix also highlighted its recent earnings where shares were boosted by a whopping 14% on Tuesday after the firm shed light on its great performance so far. This included the addition of double the number of subscribers joining in the past, as revealed by statistics seen in the previous quarter.

Next year, the company delineated its bold plans to go full throttle on a crackdown against password sharing because it felt it was high time it did so. The enterprise has suffered great losses due to this behavior and it’s given plenty of time and comfort to people who have been watching shows for free for years.

Those who borrowed accounts from all others would now be asked to make their own. There will also be a new option in the form of sub-accounts that pays for both loved ones and friends so they can use theirs.

Netflix shared how the biggest growth in its user base came from the Asia Pacific region. This accounted for a whopping 1.43 million subscribers. Meanwhile, the least amount of growth witnessed was from the America-Canada region, where only 100,000 subscribers had been included.

Netflix did also reveal that they are still not growing at the speed that they would like while announcing the earnings call. But still, they’re more than happy with the momentum gained as it’s great progress that has comes after months of hard work. As the old saying goes, there’s plenty of work left to do.

Netflix will not be proving any more guidance about paid memberships but it will go on to report the figures during the earnings call for next quarter. Moreover, there are strong predictions that the service would be including around 4.5 million subscribers by the first quarter of the next the fiscal year as it hopes to achieve revenue targets of around $8 billion. This has a lot to do with pressure linked to overseas currency.

It’s all thanks to leading shows like Stranger Things, Purple Hearts, and the Gray Man that Netflix feels has allowed for great growth during this quarter. The company was also seen sending out a teaser for lower-priced plans that include ads. This will be launched by next month, they confirmed.

The top streamer feels very optimistic and positive about its ad business. But it isn’t hoping that it will add a huge boom to its results in the upcoming new quarter. However, what it does hope for is for members to increase in a gradual manner with time.

The forecast for more growth in subscribers is coming from its current scenario which appears very promising.

As the enterprise revealed, they’ve had a very challenging time during the first half of 2022 but they’re hoping for a strong finish.

Read next: Netflix Rolls Out Ability To Transfer Profiles From An Old Account To A New One
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