There is a lot that is happening with the highly popular streaming company Netflix. Yesterday, it was reported that Netflix has dropped its basic ad-free plan ($9.99) in the US and the UK markets for new and rejoining members. The move implies that Netflix wants its customers to opt for its ad supported plan with a monthly price of $6.99.
And just a few hours back, Netflix revealed its second quarter earnings for the current year. And they are quite encouraging taking into account the fierce competition in the OTT industry. In Q2 2023, Netflix gained an impressive number of almost 6 million new paid subscribers (5.9 million to be precise). Out of these 5.9 million, 1.2 million new subscribers have been added in the US and Canada regions alone. This recent addition takes the total subscriber tally of Netflix to 238.4 million paid members across the globe.
It has also been reported in the Q2 earnings call that Netflix registered a revenue of $8.2 billion and a net income of $1.5 billion. These figures strongly suggest that the OTT / streaming business can be a profitable undertaking provided that one takes the right decisions at the right time and understands the target OTT market, amongst other factors.
Netflix’s Q2 earnings call has come on the heels of two of its recent important and bold initiatives: one was the password sharing crackdown and other one was its decision to introduce a cheaper, ad-supported plan in some of the regions.
Until now, both of Netflix’s initiatives namely password sharing crackdown and ad-supported plan are yet to be introduced in India. But considering the fact it has fetched a positive result for the OTT giant in Q2 2023, Netflix might soon plan to implement the same in the Indian market as well. Stay tuned to Binged for the latest updates on the same.