NETFLIX REVENUES UP 3.8%; MOST SUBSCRIBERS ADDED IN Q1 CAME FROM ASIA-PACIFIC

Wed 19 Apr 2023:

Most Netflix subscribers that were added in the first quarter of 2023 came from the Asia-Pacific region while its revenues rose 3.8% year-on-year, according to the company.

The company had 1.46 million paid net additions in Asia-Pacific during the January-March period, while it lost 45 million subscribers in Latin America alone, financial figures showed that were released late Tuesday.

The number of paid memberships increased by 1.75 million to 232.5 million — up 1.75 million from the fourth quarter when it stood at 230.75 million.

The online streaming platform saw its revenue increase to $8.2 billion in the first three months of the year, up from $7.9 billion during the same period in 2022.

Net income, on the other hand, fell nearly 19% to $1.3 billion, from 1.6%, during that period.

The company also announced that it has decided to end its DVD rental business which originally launched the firm in 1997 by selling or renting movies by mail.

“DVD paved the way for streaming, ensuring that so much of what we started will continue long into the future,” said the statement. “So we want to go out on a high, and will be shipping our final DVDs on September 29, 2023.”

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