• Netflix exceeded analysts’ expectations by increasing its revenue, profit, and paying subscribers.
• The company’s crackdown on account sharing led to 5.8 million new paying subscribers.
• The 15-page report found low cancellation rates for users locked out of their friends’ accounts.

According to its latest quarterly report, Netflix exceeded analysts’ expectations by increasing its revenue, profit, and paying subscribers, with all figures surpassing forecasts.

Netflix initiated its crackdown on account sharing, referred to as “paid sharing,” in the United States, resulting in 5.8 million new paying subscribers. The company plans to address this issue in “almost all” of its remaining countries.

The 15-page report revealed low cancellation rates among users locked out of their friends’ accounts. Netflix discontinued the Basic plan in the US, priced at $9.99 in the US, £9.99 in the UK, and €9.99 in the EU. New and returning users can choose from the $6.99 Standard with Ads, $15.49 Standard, or $19.99 Premium plans. Basic is now only available to current users, and they will lose it if they switch to another plan in the future.

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The company clarified that it is not currently depending on ads for revenue. While it is working on its ad business, it is collaborating with Nielsen and EDO to enhance measurement and attract advertisers who are interested in investing in the new ad solution.

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