US streaming platform Netflix has announced that its quarterly revenue and subscriptions have increased as efforts to limit password sharing begin to pay off.
The streaming giant said it added 5.9 million customers in the second quarter of 2023 following its efforts to limit password sharing.
The company reported revenue of $8.19 billion, up 3% from $7.97 billion for the same period a year earlier.
The company’s net profit reached $1.49 billion from $1.44 billion in the second quarter of 2022.
Netflix said it expects revenue to increase in the second half of the year. It now forecasts third-quarter revenue of $8.5 billion, up 7% from 2022.
Shares of the company have soared more than 60% this year.
Last May, Netflix notified users in over 100 countries of its new password sharing policy.
Platform users are required to pay extra to share their service access codes with non-household members.
The streaming giant said more than 100 million people worldwide watch its content through password sharing. Subscribers who share their passwords outside of the same house now pay $7.99 more per month.
Netflix had added a cheaper subscription with advertising at the end of 2022, after years of reluctance.