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In the streaming realm, Netflix is still the king of the mountain by a wide margin. But even Netflix didn’t predict that it would hit 270 million subscribers this financial quarter. Via Variety, Netflix has released its report for the first quarter of 2024, which reveals that the streamer added 9.33 million subscribers through March 31 to reach approximately 269.60. That’s well above the 3.93 million subscribers that Netflix was predicted to add in the same period.
How did Netflix so wildly exceed those expectations? Cracking down on accounts sharing passwords likely helped. Netflix’s early 2024 lineup also had some new breakout hits, including Avatar: The Last Airbender, 3 Body Problem, The Gentlemen, Fool Me Once, Griselda, and Damsel. Netflix’s consistent flow of original movies and TV series, as well as content on loan from other studios, is another one of the primary reasons why no other streamer has managed to catch up.
Additionally, Netflix revealed that it intends to stop reporting its quarterly subscription totals starting in 2025. This caught some industry observers by surprise, because the company’s subscriber numbers have been used to push Netflix’s stock prices even higher. However, Netflix has also seen its stock prices fall during quarters when its subscriber numbers have gone down. The decision to withhold those numbers suggests that Netflix anticipates another dip in subscribers at some point in the future, and the company wants to avoid another concurrent drop in its stock price.
This news comes after a report that Netflix wants to make original movies that are “better, cheaper, and less frequent” than in the past. Netflix is also reportedly moving away from massive upfront payments to established stars and creators. What that means for Netflix’s future as a movie and TV studio remains to be seen.
