/ 21 July 2023

Netflix crackdown pays off

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If you’re someone who got kicked off your family/friend’s account and signed up for one to call your own, you’ll be one of the 5.9 million new subscribers Netflix added over the 3 months to June. That’s almost 3 times more than analysts expected, suggesting that despite the initial tut-tutting, streaming junkies got on with it. And that was where the good news ended for the company yesterday… Netflix’s quarterly revenue was up 2.7% from the previous year to US$8.2 billion, but that didn’t meet analysts’ predictions, sending its share price tumbling 9%. And Netflix productions like Stranger Things are caught up in the actor/writer strike in the US, but analysts say the company is well-placed to weather it because of its range of international shows and films. It might even save itself $1.5 billion this year…

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