Netflix experienced significant growth in its first quarter, adding 9.3 million subscribers globally, reaching a total of 269.6 million (approximately 27 crores) by March. Prime Video is second with 20+ crore subscribers.
This growth in Netflix subscribers was credited to its ad-supported streaming plans.
However, the company anticipates slower growth in the second quarter due to seasonal factors.
In a notable change, Netflix announced it will stop reporting subscriber numbers quarterly.
Netflix highlighted the success of its ad-supported plans, which accounted for 40% of sign-ups. Revenue rose by 14.8% to nearly $9.4 billion, with operating income reaching $2.6 billion, up 54% year-over-year.
Looking ahead, Netflix aims to enhance content quality and diversity while expanding its advertising business.
However, in India, Netflix faces challenges due to less mass-friendly content and high subscription costs.
As per recent data, Hotstar (5 crores) leads in paid subscribers, followed by Jio Cinema (2.8 crores), Amazon Prime (2.25 crores), Sony Liv (1.25 crores), and Zee5 (0.8 crores), leaving Netflix in sixth place with 0.65 crore subscribers.
