Written by Kianna Best on Oct 19, 2022. Posted in Awards and Festivals

Netflix takes a turn for the better with 2.41 million Q3 subscriber growth

Following two years of subscriber losses, Netflix is back on the rise. After reporting their third quarter subscriber increase by 2.41 million, the streaming platform is optimistic for their Q4 finish to the year.

Amidst the development of Netflix across the year, and the inclusion of their new ad-supported tier, Netflix’s subscriber count is beginning to pick up. With a gain of 100,000 subscribers in the US and Canada region alone, worldwide figures have reach a total of 223.1 million as of the end of September.

The streaming platform’s forecast for Q4 is a 4.5 million subscriber gain, hoping to ride the momentum of this successful quarter and reflecting the hopeful attraction of their new, cheaper package. Set for release on 3 November in the US, ad-based subscriptions will be priced at USD 6.99. 11 countries will follow suit next month, including the UK, Spain Australia, Canada, Brazil, France, Germany, Italy, Japan, Mexico and South Korea.

Although reporting of its most recent successes and what is expected for the end of the year, Netflix announced that their subscriber forecasts will no longer be shared. Starting in Q1 2023, the streaming platform will shift its focus towards financial performance, continuing to report operating income, net income, EPS and outstanding shares.

“As discussed in previous letters, we are increasingly focused on revenue as our primary top-line metric,” Netflix said in its Q3 shareholder letter. “This will become particularly important heading into 2023 as we develop new revenue streams like advertising and paid sharing, where membership is just one component of our revenue growth.”

With the new subscription plan in play, whilst Netflix is not expecting to see any staggering growth as a result of such, the company is optimistic for a fortuitous end to their year. Providing a multidimensional entertainment platform with their gaming service and film tourism ventures, is this enough to keep Netflix out of the dark?

Images courtesy of Netflix