Netflix Adds 1.75 Million Subscribers in Q1 2023
Netflix, as part of its first quarter 2023 earnings report, announced that it has added 1.75 million subscribers so far this year, bringing its total global subscriber count to 232.5 million.
This represents a 4.9 percent year-over-year increase compared to the challenging first quarter of 2022, when the streaming giant lost subscribers and triggered a ripple effect on other media companies that were heavily invested in streaming.
Compared to the previous quarter, the 232.5 million total subscribers for Q1 reflects a modest increase from Q4, when Netflix closed out 2022 with 230.75 million global subscribers, adding 7.66 million subscribers during the fourth quarter after experiencing a loss of over 970,000 subscribers at one point in the year and facing a significant drop in stock prices as a result.
Despite the setbacks of 2022, Netflix's performance in the first quarter of 2023 appears to be a recovery year, thanks in part to a better-than-expected fourth quarter and continued subscriber additions. The company reported $8.16 billion in revenue during Q1 and expects to reach $8.24 billion for the current quarter.
In terms of regional performance, Netflix saw modest growth in the U.S. and Canada, adding 100,000 total subscribers during the quarter, although some of these additions may have been at the cheaper ad-supported level, as the average revenue per membership dropped slightly from $16.23 in Q4 to $16.18 in Q1. However, the Latin America region underperformed for Netflix, as it lost 450,000 subscribers during the first quarter.
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