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Netflix registers revenue of $4.5 billion in first Quarter 2019

In the earnings letter for the first Quarter 2019 which was released on Wednesday, Netflix has revealed that it registered a growth of 9.6 million paid subscribers, up by nearly 16 percent year-over-year, according to a report by TechCrunch.

These figures are well ahead of the 8.9 million new subscribers as predicted by analysts and the revenue for the quarter stands at $4.5 billion which is in tune with the predictions.

Netflix also revealed that the total paid streaming membership is now 14.9 million, with 7.9 million new additions in the first Quarter and most of it is taking place internationally. But things aren’t all that rosy for the second quarter, with the forecast predicting 5 million net additions which will be around 8 percent less than the figures during the same period in 2018.

It is important to note here that all these figures have come when Netflix is planning to roll out significant price hikes in the United States, Brazil, Mexico and parts of Europe.

In its statement the company says:

“The response in the US so far is as we expected and is tracking similarly to what we saw in Canada following our Q4’18 increase, where our gross additions are unaffected, and we see some modest short-term churn effect as members consent to the price change.”

The statement also reveals important numbers about its originals, with “Triple Frontier” leading the way. It was viewed by nearly 52 million households, followed closely with “The Umbrella Academy” which was viewed by nearly 45 million households.

It is important to note here that Netflix is facing stiff competition from Apple and Disney.  Disney is all set to launch its direct-to-consumer streaming service in the United States on November 12, and it will start with a monthly streaming price of $6.99 per month. This latest strategy will include Hulu, ESPN+ and Indian streaming service Hotstar.

Source: TechCrunch

Netflix registers revenue of $4.5 billion in first Quarter 2019
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