Netflix is on track to achieve record-breaking profits, buoyed by the success of popular shows like “One Day” and a crackdown on password-sharing practices.

The streaming giant reportedly added an impressive 4.7 million subscribers in the first quarter of 2024, marking its highest quarterly increase since the surge observed during the pandemic in 2020.

This surge in subscribers signifies a significant turnaround for Netflix, which had experienced a plateau in its fortunes post-pandemic.

Behind this resurgence is the implementation of stricter rules regarding password sharing. Netflix has introduced measures such as email verification to confirm account ownership, effectively limiting the number of people who can share a single account.

While there were initial concerns that such measures could negatively impact the company’s business model, the introduction of a more affordable subscription plan in 2022, which includes ads for £4.99 per month compared to the ad-free version priced at £7.99, has proven to be a successful strategy in attracting new subscribers.

As a result, experts predict that Netflix’s profits for the first quarter of 2024 will surpass £1.6 billion, marking the highest ever for this period in the company’s financial history.

This financial success solidifies Netflix’s position as a frontrunner in the ongoing “streaming wars,” where it competes with industry giants like Disney, Amazon, and Apple.

With approximately 260 million users worldwide, Netflix maintains a considerable lead over its competitors, boasting more subscribers than Amazon Prime (200 million) and Disney+ (150 million).

Among Netflix’s recent hits is “One Day,” an adaptation of David Nicholls’s book, which has garnered over 15 million views. The romantic drama has gained widespread acclaim, even catching the attention of celebrities like Kim Kardashian, who endorsed the show to her vast social media following.

Netflix’s diverse content portfolio, including acclaimed series like “The Crown” and successful films like “The Power Of The Dog,” continues to attract audiences globally. Since its inception as a video rental business in 1997, Netflix has evolved into a streaming powerhouse, launching its first original drama, “House Of Cards,” in 2011.

The company is scheduled to release its first-quarter financial results on Thursday, providing further insight into its impressive growth trajectory and market dominance.