American streaming service Netflix will premiere a new film titled Chor Nikal Ke Bhaga on 24 March. It stars Yami Gautam and Sunny Kaushal and has been produced by Maddock Films and Amar Kaushik.
Paid net additions for Netflix stood at 7.7 million globally in the December quarter of 2022 versus 8.3 million in the same period in 2021. In the Asia and Pacific region, Netflix added 1.8 million paid members in the December quarter, lower than the 2.58 million added in the same period a year ago. The streamer doesn’t disclose India-specific numbers separately.
The fourth quarter saw year-over-year revenue growth of 2%, driven by a 4% increase in average paid memberships. ARM (average revenue per member) declined 2% year-over-year, but grew 5% on a foreign exchange neutral basis, Netflix said. Operating income of $550 million in Q4 was down versus $632 million in Q4 ‘21.
However, the company is likely to put in place curbs on password-sharing, which may add some extra subscribers.
“We expect to roll out paid sharing more broadly later in Q1’23. We anticipate that this will result in a very different quarterly paid net adds pattern in 2023, with paid net adds likely to be greater in Q2’23 than in Q1’23. From our experience in Latin America, we expect some cancel reaction in each market when we roll out paid sharing, which impacts near-term member growth. But as borrower households begin to activate their own standalone accounts and extra member accounts are added, we expect to see improved overall revenue, which is our goal with all plan and pricing changes“ the company said in a letter to shareholders.
Meanwhile, co-founder Reed Hastings, who previously gave up the sole CEO title to share it with the then chief content officer Ted Sarandos, has relinquished his co-CEO title as well, Netflix said as part of its earnings release. Sarandos and chief product officer Greg Peters have become co-CEOs with Hastings serving as executive chairman, the company said.