Netflix to maintain $17bn content spend in 2024, as Q1 subs grow by 1.75 million

Netflix is not likely to cut its content investment in 2024, with co-CEO Ted Sarandos confirming that its spending is likely to remain around $17bn.

The news emerged in an earnings call with analysts following Netflix’s Q1 results, during which the streamer revealed it had added 1.75 million net new subscribers in Q1.

It failed to meet Wall Street predictions, which had estimated around 2.3 million new net subs.

North America subs rose by 100,000, while Europe saw growth of 640,000 and a further 1.5 million were added in MENA and APAC combined. Lat Am subs were down 450,000.

That was against a total of 7.66 million subscribers in the last quarter of 2022, when Netflix launched its ad-supported tier. It means the global streamer now has 232.5 million subscribers around the world.

Sarandos pointed to shows including Ginny & Georgia S2 and the third season of Outer Banks as key shows, while the streamer also confirmed it would focusing attempts to stop password sharing in the US in the next quarter.

Netflix had previously said spending on content would “stay roughly” at $17bn between 2022 and 2024, although Sarandos added that the rate of spending “depends on the rate of revenue growth”.