Netflix keeps adding tons of subscribers from its password-sharing crackdown — and it's good news for Disney [Business Insider]
Warner Bros. Discovery, Inc. - Series A (WBD)
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Source: Business Insider
That bodes well for Disney and Warner Bros. Discovery, which plan to follow suit this year. Netflix said it grew subscribers by 9.33 million worldwide in Q1 — double what Wall Street had expected. Boosting its performance was the company's crackdown on password sharing, which has led to new signups, as well as its cheaper, ad-supported option. The ads tier costs less ($6.99 per month) than adding a member outside your household ($7.99 per month). Netflix "added more subscribers than many analysts, myself included, expected," Emarketer senior analyst Ross Benes wrote. "This signals that password sharing was even more common than previously thought as Netflix keeps converting freeloader viewers into paid users." There could be still more growth to come, as the crackdown helped drive nearly 30 million subscribers in FY23, while fully 100 million users are estimated to share their passwords, Macquarie wrote in a research note. Netflix said its ad-supported tier grew 65% quarter
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