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Netflix Adds 9.3 Million Subscribers in 1st Quarter 2024, Co-CEO States Password-Sharing Policy Has Not Harmed Viewership

Netflix Co-CEO Greg Peters stated on Thursday that the company's viewership data from both before and after Netflix implemented its password-sharing regulations showed the policy has not turned viewers away.

Netflix also announced on Thursday it added 9.3 million subscribers in the quarter ending on March 31, reaching 269.6 million subscribers worldwide.

However, the company added it will stop reporting on subscriber totals and average revenue from subscribers, starting with the first quarter 2025 results. The company stated memberships "are just one component of [its] growth." The company will still mention what it called "major subscriber milestones."

Netflix launched its password-sharing policy in test markets Chile, Costa Rica, and Peru in February 2023. The company then extended the policy to Canada, New Zealand, Spain, and Portugal later that month. Netflix said that in each of these countries, there was an immediate “cancel reaction,” but it was eventually eclipsed by former sharers creating new accounts or paying more to formally add new users to existing accounts.

The company then extended the policy to multiple other markets, including the United States, in April 2023.

Netflix rolled out an advertisement-supported subscription tier in November 2022. Peters said in January the company had exceeded 23 million monthly active users on the plan that includes ads.

Sources: Netflix; Deadline (Dade Hayes); (link 2, Dade Hayes); (link 3, Jill Goldsmith and Dade Hayes)