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Netflix witnesses an unexpected surge in subscribers despite account sharing restrictions

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Highlights
  • A shareholder letter by the streaming service has revealed an impressive Q2 2023 financial performance
  • This is despite expectations of diminished returns following the launch of paid sharing in some markets
  • Netflix said it will also bring restrictions on account sharing between households in India and other markets

As one of the leading streaming platforms in the world, Netflix has become an essential part of most households across the globe. To increase its profit share, the streaming giant started cracking down on password sharing.

The recently published Netflix shareholder letter has revealed that rather than witnessing a decline in numbers after these measures, the platform has actually beaten analyst expectations handsomely.

Also Read: Netflix plans in India 2023

Netflix said it added 5.8 million paying subscribers in the second quarter of the year, while the report also talks about the company improving the ads experience both for users and advertisers, which will involve a partnership with firms like Nielsen and EDO “to improve measurement and innovating for advertisers.”

Another area where the company ensures additional monetisation was by removing the low-end basic tier for new registrations. This experiment has already begun in Canada, with plans to expand it to the U.S. and the UK in the future.

Lastly, Netflix says it will begin aggressively restricting “account sharing between households” in countries that haven’t fully seen it yet. These include Croatia, India, Indonesia, and Kenya. The streaming platform argues that multiple households sharing the same Netflix account is unjustifiable, given that it has recently cut its subscription costs in these markets.

Netflix’s plans in India are among the cheapest globally

Currently, Netflix India offers an entry-level Rs 149 Mobile plan, a Rs 199 option with SD streaming (1 screen), the Rs 499 Standard plan (2 screens), and the Premium plan for Rs 649 per month (4 screens). The Premium option is the only one that offers 4K + HDR content, with the Rs 499 standard plan only offering HD quality streaming.

You can read Netflix’s shareholder letter in its entirety here.

Via: GSMArena

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