Netflix added 5.1 million paid subscribers to reach 282.7 million globally in the third quarter of 2024, a year-on-year growth of 14.4%.
The streamer’s third-quarter subscriber and financial results came in above analysts’ expectations. Revenues grew 15% year-on-year to $9.83bn while net income was $2.4bn.
Revenues in the key markets of EMEA and UCAN (United States, Canada and Australia) grew by 16% each year-on-year.
During the third quarter period, Netflix has released new series like The Perfect Couple, Nobody Wants This and Tokyo Swindlers, returners such as Emily in Paris and Cobra Kai and films like Beverly Hills Cop: Axel F, Rebel Ridge and Officer Black Belt.
Netflix said its ads membership was up 35% quarter-on-quarter, and that its new ad-tech platform is on track to launch in Canada in the fourth quarter and more broadly in 2025. The company said that in the third quarter, its ad tier accounted for over 50% of sign-ups in its ad countries.
The streamer said that it had around two hours a day of engagement per paid membership on average, despite the impact of paid sharing.
Netflix did not announce a price increase in the US, as many industry analysts had expected, but did note in its earnings materials its recent hike in some countries in Europe, the Middle East and Africa region, as well as Japan.
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