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Netflix Adds Millions of Subscribers But Growth Slows

Rtv News

  18 Oct 2024, 13:58
Photo: AFP

Netflix on Thursday said it added more than five million subscribers in the recently ended quarter but signaled slowing growth. BSS news.

The streaming juggernaut said it ended September with 282.7 million subscribers, reporting a profit of $2.4 billion on revenue that jumped 15 percent to $9.8 billion compared with the same period a year earlier.

Netflix said it continued to build up its US advertising business, which is on track to launch in Canada by the end of this year and in other countries in 2025.

"We've delivered on our plan to reaccelerate our business, and we're excited to finish the year strong with a great slate (of shows)," the streaming television powerhouse said in a letter to investors.

Shows set for release on Netflix this quarter include a second season of the global hit "Squid Game."

The dystopian Korean horror tale about a fictional, deadly game show remains by far the most-watched Netflix TV series ever.

Netflix this quarter will also stream a boxing match-up between Mike Tyson and Jake Paul as well as a pair of US National Football League games on Christmas.

The streamer said that membership on the ads plan grew 35 percent quarter-over-quarter and accounted for over half of sign-ups in countries where it's available.

Emarketer senior analyst Ross Benes warned that Netflix will need to be careful not to degrade the experience for viewers as it weaves ads into programming, and forecast that US ad revenue would be a small fraction of the money the company takes in.

Netflix said the average amount of time spent watching its platform grew in the recently-ended quarter, touting a string of hits including "The Perfect Couple", "Emily in Paris", and "Beverly Hills Cop: Axel F".

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