Netflix adds 2.25 million members, revenue grows 24 per cent

HOUSE of Cards really put Netflix on the map. And now it’s reaping in the rewards with phenomenal subscriber and revenue growth.

Netflix will increase fees for new subscribers to pay for more expensive productions like

NETFLIX’S first-quarter earnings soared as another season of the popular political drama House of Cards helped attract an additional 2.25 million subscribers to total 35.7 million US members of the internet video service.

The customer growth announced Monday mirrored management's projections. Investors liked what they saw as Netflix's stock surged six per cent in extended trading after the results came out.

The performance was aided by Netflix's increasing emphasis on exclusive programming such as House of Cards, an acclaimed series starring Kevin Spacey as a cunning politician with a ruthless plan to become President of the United States.

Netflix Inc. earned $53 million, or 86 cents per share, during the first three months of the year. That compared to $2.7 million, or 5 cents, last year.

Revenue rose 24 per cent to $1.3 billion.

Netflix is preparing to raise its internet video subscription prices by as much as $2 per month this summer to help pay for more programming such as House of Cards.

The price increase will be imposed on new customers by July. The company says current U.S. subscribers will continue to pay $8 per month for a “generous time period.”