![]() Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now! Livemint tops charts as the fastest growing news website in the world □ Click here to know more. Very much like a price increase, we see an initial cancel reaction and then we build out of that, both in terms of membership and revenue as borrowers sign up for their own Netflix accounts and existing members purchase that extra member facility for folks that they want to share with," Greg Peters, co-chief executive officer, Netflix, said adding that the initiative will launch broadly, including in the US in Q2. “This is an important transition for us and so, we are working hard to make sure that we do it well and as thoughtfully as we can. ![]() Netflix also said it is pleased with the results of paid-sharing initiatives launched in markets like Canada, New Zealand, Spain and Portugal, in an effort to minimize losses from widespread account sharing. The company said that this offset a 13% decrease in average revenue per member due to the plan mix and a higher mix of member growth in countries with lower pricing.įurther, the company, that is shutting down its DVD business, is looking to maintain its $17 billion content spend per year. In the Asia and Pacific region, revenue grew 2% from a year earlier, while average paid memberships increased 17%. Paid net additions amounted to 1.8 million for Q1 versus a loss of 0.2 million in the year earlier. However, average revenue per member was down by 1% versus Q1 2022. ![]() Overall, revenue during the quarter grew 4% from a year earlier while average paid memberships increased 4%. “While they represented less than 5% of our FY22 revenue, we believe that increased adoption in these markets will help to maximize our revenue longer term," the company said in a letter to shareholders. Learning from the success of lower pricing in India, Netflix reduced prices in 116 more countries in the January-March quarter.
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