Todd Spangler NY Digital Editor Netflix made a surprise announcement in reporting its (very good) first-quarter 2024 results this week: The streaming TV powerhouse will stop reporting quarterly subscriber figures starting in 2025.
In response, Netflix shares have taken a hit: The stock is down 8.7% Friday on the news, as investors fret that the lack of visibility into the streamer’s customer numbers signals a looming slowdown in the company’s growth.
Subscriber figures have been a coin of the realm in the streaming biz for years, serving as a key signpost of a platform’s growth and overall health.
But analysts pointed out that Apple made a similar move in 2018, when it stopped disclosing unit sales of iPhones and other product lines. “A unit of sale is less relevant to us today than it was in the past,” Apple’s CFO told investors then — messaging Netflix echoed, explaining its belief that subscriber totals aren’t as meaningful as user engagement or financial metrics like revenue and operating margin.
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