Netflix says subscribers spend a mean of two hours every day utilizing the platform, whereas family viewership elevated in comparison with final 12 months, based on the corporate’s third-quarter earnings report launched in the present day.
The streamer has had a large previous few months, reporting $9.83 billion in income and $2.91 billion in working revenue. It additionally added round 5 million subscribers for a complete of 282.7 million globally. Round half of subscribers who signed up for Netflix within the third quarter of 2024 selected the ad-supported plan.
Netflix says it at present makes up just below 10 p.c of complete TV utilization in its largest international locations. Nevertheless, it believes “there’s an enormous alternative to develop that share” by persistently pushing extra high quality TV exhibits and flicks. The streamer has a promising slate of content material lined up for later this 12 months and into the following, including Squid Game season 2, a final season of Arcane, and an animated Witcher movie.
“Programming for such a big, engaged viewers, with a lot selection and nice high quality, is difficult,” Netflix’s letter to buyers says. “It’s why streaming companies which lack our breadth of content material are more and more trying to bundle their choices… Netflix is already a unprecedented package deal of collection and movies (licensed and authentic), and more and more video games and stay occasions.”
Throughout an earnings name on Thursday, Netflix co-CEO Greg Peters confirmed that the platform is planning to roll out the redesign it began testing over the summer. “We’re excited with the progress that we’ve seen there, so we’re sharpening it up,” Peters stated. “We’re excited to carry that to our subscribers around the globe.”
This is likely one of the final occasions Netflix will reveal what number of subscribers it added throughout 1 / 4, as Netflix plans to cut off quarterly counts beginning in 2025. As streaming companies add different types of income, like promoting and paid sharing, subscriber progress is changing into a much less essential determine. Regardless of this, Netflix doesn’t count on advertisements to grow to be a “major driver” of income progress subsequent 12 months, because it says it’s “scaling sooner than our capability to monetize our rising advert stock.”
Replace, October seventeenth: Added data from Netflix’s earnings name.
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