Netflix Revenue Rises To $10.5 Billion Following Price Hike

Netflix's Q1 revenue rose to $10.5 billion, a 13% increase from last year, while net income grew to $2.9 billion. The company says it expects more growth in the coming months when it sees 'the full quarter benefit from recent price changes and continued growth in membership and advertising revenue.' The Verge reports: Netflix raised the prices across most of its plans in January, with its premium plan hitting $24.99 per month. It also increased the price of its Extra Member option -- its solution to password sharing -- to $8.99 per month. Though Netflix already rolled out the increase in the US, UK, and Argentina, the streamer now plans to do the same in France. This is the first quarter that Netflix didn't reveal how many subscribers it gained or lost. It decided to only report 'major subscriber milestones' last year, as other streams of revenue continue to grow, like advertising, continue to grow. Netflix last reported having 300 million global subscribers in January.

During an earnings call on Thursday, Netflix co-CEO Greg Peters said the company expects to 'roughly double' advertising revenue in 2025. The company launched its own advertising technology platform earlier this month. There are some changes coming to Netflix, too, as Peters confirmed that its homepage redesign for its TV app will roll out 'later this year.' He also hinted at adding an 'interactive' search feature using 'generative technologies,' which sounds a lot like the AI feature Bloomberg reported on last week. Further reading: Netflix CEO Counters Cameron's AI Cost-Cutting Vision: 'Make Movies 10% Better'

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