Netflix said in its first quarter earnings report on Thursday that revenue reached $10.5 billion in the months since it raised prices. That’s a 13 percent increase over the same time last year.
The streaming service’s net income also grew to $2.9 billion, and 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.”
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, like advertising, continue to grow. Netflix last reported having 300 million global subscribers in January.
The company says its ad-supported plan allows it to “offer lower price points for consumers while creating an additional revenue and profit stream.” It also launched its own advertising technology platform earlier this month.
Netflix has cemented itself as the top streaming option with its library of hit original content and has become a necessity for fans of WWE’s Monday Night Raw. Since airing the live boxing match between Mike Tyson and Jake Paul last year, Netflix has taken even bigger strides in live content with the debut of a late-night talk show with comedian John Mulaney and a planned rematch between boxers Amanda Serrano and Katie Taylor in July.
