Netflix Added Millions Of Subscribers In Three Months, Projected To Double Profits
Netflix is projected to double its profits this quarter after adding 5 million new subscribers throughout the summer. The world’s largest streaming service stated that they “delivered” on their initial plans to increase business by implementing stricter password sharing policies, adding advertisements, and investing in live television.
The Guardian reported that new shows like ‘The Perfect Couple’ and new seasons of hits like ‘Emily in Paris’ are what specifically garnered an increase in viewership last quarter. Looking forward, the platform is hoping the newest season of ‘Squid Game,’ one of Netflix’s most popular shows of all time, will ideally bring in even more viewers by the end of the year.
In the three months preceding September 30th, Netflix gained about 5.1 million new paying subscribers, bringing their total users to a record 282.7 million.
Revenue for Netflix rose to $9.83 billion (15%) and net income increased to $2.36 billion (41%).
When compared to the rest of this year, however, subscription growth has slowed down significantly. In previous quarters this year Netflix gained 9.3 million and 8.1 million subscribers.
The company is projecting a net income of $1.85 billion during the current quarter. This is an increase of $938 million when compared to this quarter last year.
“We’ve delivered on our plan to reaccelerate our business. As we look ahead to 2025, we’re focused on improving every aspect of our service and continuing to deliver healthy revenue and profit growth,” Netflix said in a letter to shareholders.
In 2020 during the early months of the pandemic, Netflix experienced a rise in subscribers that lasted until 2022, when people started re-entering the world and watching television less.
More recently, Netflix has invested in live broadcasting programs. They reached a decade-long deal with World Wrestling Entertainment (WWE) and also acquired the rights for two NFL games taking place on Christmas Day.
Eric Mastrota is a Contributing Editor at The National Digest based in New York. A graduate of SUNY New Paltz, he reports on world news, culture, and lifestyle. You can reach him at eric.mastrota@thenationaldigest.com.
