Netflix has revealed to investors that it gained more than 2.4 million subscribers in the third quarter, more than double the company had anticipated, with active, paying subscribers rising to 223 million.
According to Netflix’s latest Shareholder Letter, Monster: The Jeffrey Dahmer Story, Stranger Things S4, Extraordinary Attorney Woo, The Gray Man, and Purple Hearts were few of the best performing films and series of all time.
“Our Q3 content slate was especially strong. In English scripted TV, we kicked off the quarter with Stranger Things S4, which generated 1.35 billion hours viewed – our biggest season of an English 4 language series ever. This was followed in August by The Sandman (351 million hours viewed), which was loved by fans and critics alike.” said Netflix in the Shareholder letter. The after-effects of the development included the company’s shares jumping 15.5%
Netflix anticipates the revenue to rise further for the fourth quarter of the year. “For Q4’22, we’re expecting revenue of $7.8 billion with the sequential decline entirely due to the continued strengthening of the US dollar vs. other currencies. On a constant currency basis, this equates to 9% year-over-year revenue growth.”
In a recent development, Netflix also announced that the company is bringing ads to a subscription tier to reduce costs and increase market share in some regions. Greg Peters, Netflix Chief Operation Officer, claims that the new with-ads tier is to be priced at $6.99, around $3 less than the tier with no ads.
“We also continue to invest heavily in marketing, with a particular focus on innovative ways to drive conversation around our titles, which in turn boosts engagement for Netflix. For example, our campaigns for Stranger Things S4 and The Gray Man drove more than 9.8 billion and 1.2 billion impressions, respectively, across paid marketing, social media platforms and events.”
Originally developed shows like Stranger Things will continue to bolster Netflix’s already strong IPs. Further, Netflix has also confirmed that S5 of Stranger Things is in active development.
Read all the Latest Tech News and Breaking News here