Netflix reported 277 million paid subscribers globally in its Q1 2025 earnings call — 9.3 million net additions in the quarter. Revenue grew 15% year-over-year to $9.4 billion. The password-sharing crackdown that started in 2023 continues to convert former freeloaders into paying subscribers.
What’s Working
Live sports (NFL Christmas games, WWE Raw, Mike Tyson vs. Jake Paul) drove significant subscriber growth. The ad-supported tier crossed 70 million MAUs globally.
What’s Next
Netflix expects 2025 revenue between $43.5 and $44.5 billion. The company is no longer guiding to subscriber numbers in its earnings releases, focusing instead on revenue and engagement.
