Netflix Adds 1.75 Million Subs in Q1

Netflix ended the first quarter of 2023 with 232.5 million subscribers, adding 1.75 million members in the period, a 4.9 percent gain.

The platform delivered revenues of $8.16 billion, a 3.7 percent increase, with a net income of $1.3 billion. For Q2 2023, Netflix is projecting revenues of $8.2 billion, a 3.4 percent gain, and a net income of $1.3 billion.

“Netflix is the leading streaming service based on engagement, revenue and profit and we are working to build on that in ’23,” the company said in its letter to shareholders. “Given current healthy performance and trajectory of our per-member advertising economics, particularly in the U.S., we’re upgrading our ads experience with more streams and improved video quality to attract a broader range of consumers. In short, we’re off to a good start in 2023. As always, our focus remains pleasing our members and attracting great creators so that we can continue to build a wildly successful business.”

Revenues from the U.S. and Canada hit $3.6 billion, with paid memberships inching up slightly to 74.4 million. EMEA revenues were $2.5 billion and a member base of 77.4 million. Subscriptions dropped in LatAm to 41.25 million, with revenues of $1.1 billion. AsiaPac revenues rose to $934 million, with the region adding 1.46 million subs to reach 39.5 million.