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The global streaming giant says it added nearly 6 million paying subscribers this quarter after cracking down on password sharing. That brings its total to 238 million.
But revenue fell short of expectations and Netflix faces ongoing strikes by actors and writers. The company is still trying to find ways to boost revenue.
Netflix is a subscription video-on-demand service that offers a huge library of movies and TV shows. It is available on many devices including computers, Smart TVs with the Netflix app or software, Android or iOS smartphones and tablets, streaming media players, gaming consoles like Xbox and Playstation, and more.
The service is available in over 190 countries and territories. It has over 167 million paying customers worldwide. Netflix revolutionized the media industry by creating original content and analyzing user data to offer personalized recommendations. It is currently the world’s most popular streaming service and is a major competitor to cable television.
While it may have much stiffer competition now, Netflix remains the king of on-demand TV and film streaming. It’s the go-to choice for cord-cutters looking to save money by ditching their cable TV service. Its ad-free Premium plan also allows 4K Ultra HD streaming and higher-quality audio. It has an impressive catalog that includes titles such as Mank, Hillbilly Elegy, and all 11 seasons of SHOWTIME’s Shameless.
Netflix’s library is a massive collection of movies and TV shows. The company’s algorithms use a variety of factors to display content that matches an individual viewer’s preferences. This helps to keep users engaged and watching more of the service’s offerings.
However, the Netflix catalog differs from country to country because of licensing deals. For example, a user in the U.S. can access the Netflix US library, while someone in Europe sees the Netflix EU catalog.
This difference is even more pronounced when considering how many different languages the Netflix website and apps are coded in. The browser UI is written in HTML5 and JavaScript, while the mobile apps are coded in Objective-C and a mix of other languages. The TV app is written in Java and C++. The company uses many servers that collect and store the content to be streamed. Each server contains tens of petabytes of data, including video files and streaming metadata.
Whether you’re watching the latest true crime docuseries or a feel-good comedy, Netflix offers a wide variety of entertainment. But the platform requires data -- and a lot of it. Many Internet providers limit monthly data usage, and throttle speeds when you hit a cap.
Fortunately, the company makes it easy to adjust your data usage settings to save your mobile data. You can change the settings from the Netflix app or your account page on the web.
The amount of data that Netflix uses depends on two principal factors: the length of the movie or show and the video quality. For example, a two-hour film with HD streaming will use the same amount of data as a half-hour show at lower quality. That means it’s worth the extra effort to tweak your settings and monitor your data usage. The result is a better overall experience while saving your wireless data for those times you want to watch an entirely new series or an old favorite.
Streaming services have become ubiquitous over the last decade as consumers have shifted away from physical media. But even though many cord-cutters opt for multiple streaming services (and some might even have more than one, depending on their preferences), the cost of these subscriptions can add up.
That’s why Netflix hasn’t been afraid to increase prices for its Standard and Premium tiers but has been less apt to raise its entry-level price point. The company’s new Basic with ads tier might change that, as it could make the company more willing to bump up pricing for its global streaming paid memberships.
That could help Netflix counter the effects of its crackdown on password sharing, which prompted some existing subscribers to trade down to cheaper plans or even cancel their accounts altogether. But Martin warns that if the company loses too many U.S. subscribers, its valuation multiple will suffer and the stock is unlikely to return to growth.
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Netflix's password crackdown appears to be working. The streamer said Wednesday that it added nearly 6 million subscribers during the quarter after it started requiring accounts to be used by a single household.
The company also introduced "paid sharing" which allows people to add an extra account for a fee. It now offers it in 100 countries.
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