Netflix defied analyst predictions in its first quarter 2024 earnings report, adding 9.33 million paid subscribers globally.
This figure superseded the StreetAccount consensus estimate of 3.93 million new subscribers. Growth was not limited to any specific region. The U.S. and Canada saw an increase of 2.53 million subscribers, while Europe, the Middle East, and Africa added 2.92 million. Latin America followed with 1.72 million new subscribers, and the Asia-Pacific region contributed 2.16 million.
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Netflix credits a diverse slate of content for fueling this surge in subscribers. The live-action adaptation of ‘Avatar: The Last Airbender’, the sci-fi series ‘3 Body Problem’ from the creators of ‘Game of Thrones’, Guy Ritchie’s ‘The Gentleman’, and the latest season of ‘Love Is Blind’ were among the highlights that captivated audiences.
In a separate announcement, Netflix revealed a shift in its reporting strategy. The company will discontinue reporting subscriber totals on a quarterly basis starting in 2025. This move suggests a potential focus on a different key performance indicator to gauge success in the future.
As of March 31, 2024, Netflix had a global subscriber base of 269.60 million. The Q1 results follow a 13.1 million subscriber addition for the fourth quarter of 2023, which was a Q4 record for Netflix.
