Netflix’s password-sharing crackdown pays off with nearly 6mn new subscribers
However, shares in Netflix, which had gained more than 8 per cent in the five days leading up to the earnings release, dropped by more than 8 per cent in post-market trading after the company reported softer revenue.
Netflix’s password crackdown reflects the harsh realities of the costly streaming model that it has pioneered. When Wall Street was more keen on streaming, investors looked past the heavy losses companies were enduring, so long as they were able to keep adding subscribers quickly. The company said that it will spend less money this year due to the historic labour strike in Hollywood, which has brought movie and television production in the US to a halt. Netflix now expects free cash flow of $5 billion this year, up from its previous estimate of $3.5 billion.
“On a personal level, I was raised in a union household. My dad was a member of IBEW Local 640, he was a union electrician ... I remember on more than one occasion my dad being out on strike, and I remember that because it takes an enormous toll on your family, financially and emotionally.”
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