Netflix’s Q1 2025 results mark a watershed moment for the streaming sector, as the company takes deliberate steps to move investors away from subscriber obsession and toward metrics that it argues actually matter—namely revenue and profit. This is the first quarter that Netflix has not directly reported subscriber numbers, a move that redefines the yardstick for success in the video streaming business—with profound industry implications. For those still tracking tradition, Netflix wrapped up 2024 with 301.6 million global subscribers, having added 18.9 million users in Q4—its biggest quarterly gain in years. While the company isn’t reporting how many subscribers it added in Q1, based on typical seasonal slowdowns following the holiday period, Netflix is likely sitting between 310 million and…