In the first quarter of 2021, Netflix’s revenue grew by approximately 15 percent, reaching a staggering $9.37 billion. Net profit also saw an impressive growth of 80.2 percent, totaling $2.33 billion. The surge in income can be attributed to a higher number of subscribers and increased subscription prices.
Netflix reported an addition of 9.33 million subscribers in the first three months, bringing their total to 269.6 million. The company announced that they will no longer be publishing quarterly figures starting from next year, which is seen as a move to remain competitive with other streaming service providers such as Disney.
The growth in revenue began last year when Netflix implemented stricter measures against password sharing outside 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, Netflix’s financial performance is on an upward trajectory, driven by increasing subscriber numbers and strategic decisions to maintain competitiveness in the streaming industry.
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