Netflix gained a net additional 4.38 million global streaming paid memberships in the third quarter and is expecting a further 8.50 million in Q4.
The Q3 growth was almost double the 2.20 million e posted in the same period last year.
As of the end of September the company had a total of 213.56 million global streaming paid memberships compared to 195.15 million a year earlier. Meanwhile, Netflix’s revenues in Q3 amounted to $7.483 million, or 16.3% more than a year earlier, and operating income was 23.5% higher at $1,755 million.
Its net income, at $1,449 million, was almost double the $790 million posted a year earlier. In its latest results Netflix notes that the APC region was the main driver of growth in Q3, contributing half (2.2 million) of paid net adds. Although there was also an improvement in EMEA, the UCAN and LATAM regions grew more slowly. Netflix also says that the unique Korean story Squid Game, released on September 17, has become its biggest TV show ever, with 142 million member households globally have chosen to watch the title in the first four weeks. Furthermore, later in the year, it will shift to reporting on hours viewed for its titles rather than the number of accounts that choose to watch them. Netflix believes engagement as measured by hours viewed is a slightly better indicator of the overall success of its titles and member satisfaction. It also matches how outside services measure TV viewing and gives proper credit to re-watching.
