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Netflix has revealed that its member base reached a new high of 232.5 million in the first quarter of 2023.
According to AFP, Netflix also declared a $1.3 billion quarterly profit on Tuesday.
According to Reuters, Co-Chief Executive Ted Sarandos stated, "We are growing and profitable."
Ted Sarandos stated in the company's post-earnings video chat, "We have a clear path to accelerate growth in both revenue and profit, and we're executing it."
Insider Intelligence said that Netflix's new tier will generate $770 million in ad revenue this year, rising to $1 billion the following year.
Insider Intelligence predicts that for the first time ever, US consumers will spend more time this year watching digital video on platforms such as Netflix, TikTok, and YouTube than watching traditional television.
Meanwhile, the business announced that it has postponed a wide crackdown on account password sharing "to improve the experience for members."
