Netflix continues to be the biggest name in premium streaming. Today, the company revealed that it now has 269.60 million paid subscribers worldwide for the first quarter of 2024. This is an increase of 9.33 million compared to the number of subscribers from the fourth quarter of 2023.
Financially, Netflix delivered Revenue of $9.37 billion from the first quarter of 2024. This was an increase compared to $8.164 billion from the same period a year ago. Net profit was $2.332 billion in the quarter, also compared to $1.305 billion compared to the same period last year.
In its latest shareholder letter (in PDF format), Netflix says that in the near future it will focus on reporting its revenue and other financial numbers above its subscriber numbers. Netflix notes that it receives more and more revenue from its advertising division.
Starting in the first quarter of 2025, the company plans to no longer report its membership numbers on a quarterly basis. It did state that it would provide “major milestones for subscribers as we cross them.”
While today’s numbers for the first quarter of the year beat expectations, Netflix did announce that it expects revenue from the current second quarter to be around $9.49 billion. It was actually a bit lower than expected which is why the The company’s stock is down 3%. in after-hours trading at the time of writing.
Netflix still has plenty of big TV shows and movies slated for release in 2024. This includes the second season of Squid Game, the Korean thriller series that became a huge hit with its first season in 2021. The third season of Brigadierton is set to start very soon, with the first part coming out in May and the second part in June.
Netflix is ​​also trying to become a major force in video games. It has been testing a game streaming service since August 2023 for a limited audience. It also has several mobile game developers, plus at least one game development team working on a new AAA title for consoles and PC.