When Netflix first began talking about cracking down on password sharing in 2022, many claimed that the service would lose subscribers. As it turns out, Netflix's grand plan to squeeze more money out of its customers has worked, with the service gaining more subscribers than cancellations in the months following its rollout. 

As part of its earnings report published this week, Netflix has announced that it has brought in 5.9 million new subscribers worldwide between April and June. Netflix began cracking down on password sharing in March, forcing users to set up their own accounts to continue watching content. To make the process easier, Netflix did implement a profile-transfer system, allowing users to take their watchlists and history with them to a new, fresh Netflix account.

According to Netflix, revenue is now higher across all regions, with new signups outnumbering the amount of cancellations. According to Netflix's CFO, Spencer Neumann, this is going to be a key driver of revenue growth for Netflix this year.

During the last quarter, Netflix earned $8.2 billion in revenue. However, due to the ongoing strikes in Hollywood, content production has slowed down considerably, which will make it more difficult for services like Netflix to deliver timely new content through the rest of 2023.

KitGuru Says: Currently, Netflix doesn't have that big show that's really pulling me back in. I hope that can change eventually but with the Hollywood strikes now taking place, I'm not expecting that to happen anytime soon. 

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