Netflix has gained 2.4-million new paid subscribers in the third quarter of this year, the American subscription service said in an earnings report on Tuesday, following months of losing customers.
The popular streaming service now boasts 223.09-million subscribers, up from 220.67-million reported in July.
The company said much of the growth in subscribers came from the Asia-Pacific region, where 1.4-million paid memberships were added in the quarter under review. The business generated $1.4-billion (R25.4-billion) in net income in the quarter.
In April, the company reported that it had lost 200 000 subscribers in the first quarter of 2022, the first big loss in over a decade.
Bullish from its latest results, Netflix said it expects to add 4.5-million more paid users by the end of the fourth quarter.
The company is one of the world’s leading entertainment services with 221-million paid memberships in over 190 countries enjoying TV series, documentaries, feature films and mobile games across a wide variety of genres and languages.
In a letter to shareholders, it said it believes some of its competitors will seek to build sustainable, profitable businesses in streaming, either on their own or through continued industry consolidation.
“While it’s early days, we’re starting to see this increased profit focus with some raising prices for their streaming services, some reigning in content spending, and some retrenching around traditional operating models which may dilute their direct-to-consumer offering,” said the company.
“Amidst this formidable, diverse set of competitors, we believe our focus as a pure-play streaming business is an advantage. Our aim remains to be the first choice in entertainment, and to continue to build an amazingly successful and profitable business.”
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