From PYMNTS.com, April 18:
With a nod to new consumer sentiments about subscriptions, Netflix is focusing more on adding value for current subscribers while at the same time better monetizing existing members with a broad rollout of paid account sharing and ad-supported tiers.
Netflix said it added 1.8 million new subscribers in Q1, versus the subscriber loss it experienced in the comparable period in 2022 when it shed 200,000 subscribers.
During its first-quarter 2023 earnings presentation on Tuesday (April 18), Netflix co-CEOs Ted Sarandos and Greg Peters reviewed various pricing models and revenue streams that the streaming leader has been tinkering with, notably the account-sharing feature tested in Latin America, Canada, New Zealand, Portugal and Spain, and now being rolled out broadly in Q2.
Taking a bit of a victory lap, Sarandos said, “Netflix is the leading streaming service in terms of engagement, revenue and profits, and streaming is the future of entertainment at home. Just yesterday, Nielsen released data that in Q1 to 2023, Netflix was the most watched of any broadcaster or streamer in the U.S. by a pretty nice margin, and we have plenty of room to grow. Even with that tremendous amount of watching, we’re about 10% of total TV time in our most established markets, like the U.S. and the U.K.”
By way of comparison, CFO Spencer Neumann noted that there are over 1 billion broadband households and roughly 450 million to 500 million connected TV households, while Netflix has roughly 230 million paying members as of now, suggesting a huge TAM for the service.
Paid Account Sharing Going Wide in Q2...
....MUCH MORE
