Netflix added more than 8m subscribers in three months as it cashed in on a password-sharing crackdown.
The US streaming giant now has over 278m subscribers watching its shows after raking in new users.
The company added 8.05m paying customers in the three months to the end of June, up from the 5m it put on in the same period of 2023.
Netflix now has over 278m subscribers watching its show including One Day, Scoop, which stars Gillian Anderson (pictured), and the controversial global sensation Baby Reindeer
The number of new customers has boomed since the start of the year when the firm made it harder to share accounts between friends and family – prompting millions of users to sign up for their own subscriptions.
Many have also signed up to watch Netflix shows including One Day, Scoop, which stars Gillian Anderson, and the controversial global sensation Baby Reindeer.
But while the subscriber gains topped analysts’ predictions, Netflix cautioned that subscriber additions in the next quarter would be lower than the same period of 2023.
The streaming giant posted profits of £1.6billion and revenues of more than £7.4billion yesterday.
Netflix thrived during the pandemic when much of the world was housebound but analysts questioned if it could maintain its momentum.
The group has since focused efforts on its advert-supported option, which offers lowers prices to viewers.
Netflix said its advert tier membership grew 34 per cent from the previous quarter, but it did not say how many subscribers chose that option.
‘Our ad business is growing nicely and is becoming a more meaningful contributor to our business,’ it told investors.
‘But building a business from scratch takes time, and coupled with the large size of our subscription revenue, we don’t expect advertising to be a primary driver of our revenue growth in 2024 or 2025.’
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