Netflix, the American video content streaming service has shattered all expectations and has added a staggering 9 million new subscribers worldwide. Experts suggest that the company's crackdown on password sharing has paid off in subscriber addition.
It’s the biggest quarterly net add total for the company since it added 10.1 million subscribers in the second quarter of 2020 – when Covid restrictions led to people staying at home.
Shares of Netflix rose by 12 per cent in after-hours trading.
With this, the streaming service also increased its prices in countries like the UK, US, and France.
Wall Street's analysts had initially predicted 6 million new subscribers for the service.
The impressive results demonstrated Netflix's success in spite of the Hollywood labor disputes that caused a significant portion of US production to be halted.
The majority of Netflix's new subscribers came from countries where many of its series and films are produced.
Netflix cited "One Piece," a live-action adaptation of the famous Japanese manga series, as an example of how much it invests in stories that have worldwide appeal while also having local relevance in different parts of the world.
Long-running television programs like the courtroom drama "Suits," which it licensed from Comcast, and HBO's World War Two series "Band of Brothers" were also brought to the attention of new viewers by the streaming juggernaut.
Netflix stated that it had received an increase through older shows it licenses from other studios, most of which had stopped selling their programs to Netflix after creating their own streaming services. However, Warner Bros Discovery's HBO and NBCUniversal recently began new licensing deals with Netflix.