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Netflix adds 6 mn subscribers after password crackdown

20Jul

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Technology

Netflix adds 6 mn subscribers after password crackdown

[ad_1] Netflix on Wednesday said subscriptions to the media streaming service climbed by nearly 6 million in the wake of its crackdown on password sharing. The streaming giant finished the recently ended quarter with a total of 238 million subscribers and a profit of $1.5 billion, according to an earnings release. The pickup in subscribers came as a potentially crippling writers and actors strike hits the US entertainment industry, but with analysts saying Netflix is better positioned than its rivals to weather the storm. "We are constantly at the table negotiating with everyone across the industry," Netflix co-chief executive Ted Sarandos said during an earnings presentation. "We need to get to this strike to a conclusion so that we can all move forward." Revenue came in lower than e...

For Netflix, a Poorer Consumer Isn’t Necessarily Bad

[ad_1] For Netflix Inc., a mild deterioration in the consumer economy is a potential blessing in disguise. To start with, the less money people have, the more likely they are to stay home, where movie-streaming became such a popular form of entertainment during the pandemic.Then there's the impact on competitors who have been striving to make inroads into Netflix's lead. Having plowed big money into streaming services in recent years, the likes of Walt Disney Co. and Paramount Global are now making cuts in the area, deterred by the tougher conditions. Streaming viewership “should pick up nicely” as people stop going out if the economy slips into a recession later this year, said Matthew Maley, chief market strategist at Miller Tabak Co. LLC. And Netflix should “definitely be a beneficia...

Netflix’s Subscriber Growth Sparks Surge in Korean Drama Stocks

[ad_1] Shares of South Korean drama producers jumped after Netflix Inc. said it added more subscribers than expected. Shares of South Korean drama producers jumped after Netflix Inc. said it added more subscribers than expected in the third quarter and touted the contribution of Asian shows. Astory Co. -- producer of “Extraordinary Attorney Woo,” which has racked up 402 million viewing hours -- opened up by its 29% daily limit before paring the gain. During the streaming giant's conference call, Netflix co-Chief Executive Officer Ted Sarandos mentioned the strength of the series and said the company is increasingly leaning on programs that are not made in English. The success of South Korean blockbuster survival drama “Squid Game” last year has sparked frenzied trading in related...