Netflix password crackdown fuels jump in subscribers

Netflix has experienced a rise in subscribers following measures the company introduced to crackdown on password sharing. 

The company ended June with more than 238 million subscribers, adding 5.9 million members since March.

The rise was far bigger than expected and comes after subscriber losses last spring. 

The streaming service also faces challenges from ongoing writers and actors strikes in the US. 

Netflix said it would spend less on content this year than expected due to the strikes – the biggest Hollywood have faced in six decades. 

Netflix boss Ted Sarandos said “we need to get this strike to a conclusion”.

“This strike is not an outcome that we wanted,” he said. He said the company was committed to reaching an “equitable” agreement that helped the industry move into the future.

But he added: “We’ve got a lot of work to do.”

Netflix has been dealing with a sharp slowdown in growth since the pandemic, as competition heats up, households grapple with rising costs and it reaches what analysts see as saturation point in some of its biggest markets.