Netflix announced steady growth in its Q2 2023 earnings report. Above, the Netflix logo appears on a TV remote in July 2022.
Chris Delmas/AFP via Getty Images
Netflix is showing steady financial growth amid the ongoing Hollywood labor struggles and an overall slowdown in the media marketplace.
The streamer kicked off the media earnings season by announcing its Q2 financials Wednesday.
The streamer’s share price stood at $477.59 after the markets closed, roughly double its value a year ago. The company said it added 5.9 million customers during the second quarter. It now has 238.4 million global paid memberships, and its revenue is $8.2 billion.
“We expect revenue growth to accelerate in the second half of ’23 as we start to see the full benefits of paid sharing plus continued steady growth in our ad-supported plan,” the company wrote in its report.
Paid sharing refers to the company’s crackdown earlier this year on password sharing. It now offers plans that enable account holders to add members outside their households for $7.99 a month.
The company’s ad-supported tier allows viewers to stream content at a lower monthly price than its ad-free plans. The company said that its ad-supported plan has nearly 5 million global monthly active users.
Netflix announced an end to its cheapest ad-free plan (at $9.99 a month) a few hours ahead of Wednesday’s earnings announcement.
“The Basic plan is no longer available for new or rejoining members. If you are currently on the Basic plan, you can remain on this plan until you change plans or cancel your account,” Netflix wrote on its website.
“Netflix is continually trying…
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