Subscription streaming giant Netflix announced it added 5.9 million new subscribers in the second quarter of 2023, beating industry predictions after the service opted to clamp down on subscription sharing.

The company said it now has 238 million subscribers globally.

For the quarter, Netflix reported a $1.8 billion profit on $8.3 billion in revenues.

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At the same time, Netflix said it has dropped its lowest-priced ($9.99) monthly tier for ad-free, 720p-resolution level streaming for one device in the U.S. and the U.K., as it looks to push these customers into the ad-supported option.

The de facto entry tier now becomes a $6.99 per month Full HD plan with ads, and steps up from there to $15.49 for ad-free service in Full HD on two supported devices and $19.99 for the premium ad-free service on up to four devices with up to 4K/HDR and spatial surround sound.

In the wake of a string of rate hikes from competitive services, the Netflix subscription terms remain competitive.

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By Greg Tarr

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