Netflix Gained More Than 5 Million Customers During the Third Quarter
Netflix is continuing to see increased traction from its ad-supported tier.
Netflix is ready to remind everyone in the streaming world just how far ahead of them it really is. The world’s largest streamer unveiled its earnings report for the third quarter of 2024 after the close of markets on Thursday, where it revealed that it had gained more than 5 million subscribers, putting its new total at 282.72 million. It’s yet another increase for Netflix, which ended the second quarter at 277.65 million customers.
Breaking down the numbers a bit, Netflix added 690,000 customers in the United States and Canada, bringing its UCAN total to 84.8M. Across the globe, Netflix tallied 2.28M more customers in the Asia-Pacific region to reach 52.6M. In Europe, the Middle East and Africa, the service gained around 2.17 million customers to bring its total in those regions to 96.13M . In Latin America, 49.18M customers now subscribe to Netflix, an decrease of around 70,000 from the previous quarter. (Netflix blamed price hikes and a light content slate.) Overall, the streamer grew 14% year-over-year.
Revenue-wise, Netflix is continuing to confirm its status as the most profitable streaming service in the world. It collected more than $9.8 billion in total revenue during the third quarter, growing 15% YoY. Operating income was around $2.9 billion for the quarter, a 52% YoY jump.
Netflix’s Standard with Ads plan is continuing to see greater adoption around the globe, as well. Membership on the plan jumped 35% quarter over quarter, and half of new subscribers chose the ad-supported plan where it was available.
“We’re scaling faster than our ability to monetize our growing ad inventory,” Netflix said in its letter to shareholders.
What Were Netflix’s Biggest News Stories of the Quarter?
Netflix had a somewhat quiet quarter from a news standpoint. It did pique the interest of analysts and customers alike with a new data dump; Netflix revealed its viewership statistics for the first half of 2024 last month, showing that viewers were particularly responding to kids titles, licensed shows and British TV in the first six months of the year.
There was a rumor that Netflix was planning major changes to the way it compensates talent for shows and movies that stream in its library. The company met with Hollywood’s biggest agents and talent reps in September, but those who attended did not hear the proposed changes they thought they were about to get when they accepted their invitations.
Most recently, Netflix announced that it was bolstering its live offerings with a new comedy special from stand-up artist John Mulaney. It will take the form of a weekly late-night variety talk show, and will launch sometime in early 2025.
Netflix
Netflix is a subscription video streaming service that includes on-demand access to 3,000+ movies, 2,000+ TV Shows, and Netflix Originals like Stranger Things, Squid Game, The Crown, Tiger King, and Bridgerton. They are constantly adding new shows and movies. Some of their Academy Award-winning exclusives include Roma, Marriage Story, Mank, and Ma Rainey’s Black Bottom.