Netflix began to reap the benefits of a crackdown on password sharing and the introduction of an ad-supported tier
on Tuesday reported first-quarter revenue and earnings roughly in line with Wall Street expectations but offered a forecast below analyst estimates for the next three months.The streaming video pioneer began to reap the benefits of a crackdown on password sharing and the introduction of an ad-supported tier.
Netflix serves as a bellwether for the streaming industry, in which growth has slowed as competition has heated up. A year ago, Netflix lost 200,000 subscribers – its first subscriber decline in more than a decade, sending its stock reeling and resetting Wall Street’s expectations for the sector. The company introduced a lower-priced version of its service with ads in 12 countries in the fourth quarter. MoffettNathanson estimates that the lower-priced ad-supported tier will reach nearly 10 million subscribers by the end of 2023.
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