Streaming giant Netflix has added 9.3 million subscribers in its first quarter. The company attributed the growth to its ad-supported streaming plans. With the addition of the new subscribers, Netflix’s global subscriber base now stands at 269.6 million by the end of March.

However, the company, in its letter to shareholders, said that subscriber growth in the second quarter will be lower than in the first quarter due to “seasonality”.

Also, in a surprise move, the streaming giant announced that it would discontinue reporting subscriber numbers on a quarterly basis.

This is a significant change for the company and for the so-called streaming wars. According to Co-Chief Executive Greg Peters, "This change is really motivated by wanting to focus on what we see are the key metrics that we think matter most to the business."

“We’ve evolved and we’re going to continue to evolve,” said co-CEO Greg Peters during the company’s earnings call. “It means that the historical math we used to do is increasingly less accurate” in assessing the state of the business, he added.

Meanwhile, the company said that its ad-supported plans, introduced in November 2022, has proven successful, accounting for 40% of all sign-ups in markets where the option is available. The streaming company’s Revenue climbed by 14.8% to nearly $9.4 billion, with operating income reaching $2.6 billion, a 54% increase year-over-year.

In a letter to shareholders, Netflix outlined plans for future growth, focusing on enhancing the quality and diversity of its content offerings and expanding its advertising business. Co-CEO Ted Sarandos expressed enthusiasm about the upcoming content slate, promising new seasons of popular shows like "Bridgerton" and "Sweet Tooth," along with unscripted events such as a roast of NFL legend Tom Brady.