Netflix, a video streaming service, regained its momentum after gaining 1.75 million subscribers for the January-March 2023 period.
The company’s revenue edged up 4 per cent from 2022 to $8.16 billion.
To improve its revenue performance, it is introducing an advertising-supported tier and a plan to crack down on password sharing.
“Widespread account sharing undermines our ability to invest in and improve Netflix for our paying members, as well as build our business,” the company said in a statement.
Netflix also said it will be sending its last red envelope on Sept. 29, 2023, ending its DVD mailing service after 25 years.
“Our goal has always been to provide the best service for our members but as the business continues to shrink that’s going to become increasingly difficult,” the company said in part of a statement.
“We feel so privileged to have been able to share movie nights with our DVD members for so long, so proud of what our employees achieved and excited to continue pleasing entertainment fans for many more decades to come.”
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