February 1, 2023

Taylor Daily Press

Complete News World

Netflix gains many more customers than expected | television

Netflix attracted significantly more users than expected in the fourth quarter. The US streaming service tapped into the popular horror comedy Wednesday, the documentary series Monster: The Jeffrey Dahmer Story, the documentary series Harry & Meghan, and more. According to Netflix, nearly 7.7 million new customers were added in the last period, which is much more than the 4.5 million customers projected by the company itself.

It was also announced that co-founder Reed Hastings is relinquishing his position as co-chairman. The day-to-day management of Netflix will now be in the hands of Greg Peters and Ted Sarandos. Hastings became president of the company. “In the last two and a half years, I’ve increasingly delegated management of Netflix to them,” said the CEO, who has led Netflix for more than 20 years.

“I will help Greg and Ted and, like any good boss, be a bridge between the board and our co-CEOs,” said Hastings, 62. “I will also spend more time on philanthropy and remain very focused on Netflix stock doing well.”

In total, 231 million people signed up for the streaming platform at the end of last year. In the third quarter, Netflix also saw an increase in subscribers by 2.4 million. Then the Los Gatos, California-based company attracted more customers thanks, among other things, to a new season of the popular horror series Stranger Things.

The turnover in the last quarter amounted to 7.9 billion dollars, equivalent to 7.3 billion euros. This represents an increase of 2 percent compared to the previous year. The net profit was $55 million.

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In the first two quarters of 2022, Netflix saw a decrease in the number of customers. During the corona pandemic, Netflix has seen very strong growth as people were confined to their homes during the lockdowns and looked for entertainment. But after the community reopened, more people went out and many subscriptions were cancelled. The platform must also handle competition from, for example, Disney+, HBO Max, and Amazon Prime.

cheaper version

To attract more customers, Netflix introduced a cheaper video service in 12 countries in November through advertising. This service is not yet available in Belgium. In addition, Netflix is ​​taking measures to share passwords with people outside their homes. Netflix subscribers who share their password can create a separate account for those who watch for a fee.

In a statement, Netflix said 2022 was a difficult year with a difficult start but a positive ending. The numbers fell well with investors on Wall Street, as shares of Netflix rose sharply in aftermarket trading.

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