Netflix, in its Q2 2023 earnings report, has announced steady growth amidst ongoing labor struggles in Hollywood and a slowdown in the media marketplace. The streamer added 5.9 million customers during the second quarter, bringing its total global paid memberships to 238.4 million. Its revenue stands at $8.2 billion. The company expects revenue growth to accelerate in the second half of ’23 due to the full benefits of paid sharing and continued growth in its ad-supported plan. Netflix recently cracked down on password sharing and now offers plans that allow account holders to add members outside their households for $7.99 a month. Its ad-supported tier, with a lower monthly price, has nearly 5 million global monthly active users. Netflix also ended its cheapest ad-free plan and is focused on returning to its previous growth rates. However, despite growing subscriber counts, the company is not generating significant revenue according to media analysts. The strike by Hollywood actors and writers, who are unhappy with streamers like Netflix, has also impacted the company’s profitability. Co-CEO Ted Sarandos expressed a desire to reach an agreement with the striking unions and move forward.
NPR: Netflix demonstrates consistent growth in Q2 earnings
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