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Netflix reverses subscriber loss, adds 2.4 million in third quarter

Netflix reverses subscriber loss, adds 2.4 million in third quarter

The streaming giant’s total subscriber count now stands at 223.1 million

by Team PITCH
October 19, 2022

Netflix reverses subscriber loss, adds 2.4 million in third quarter

Netflix has reported that it has gained 2.4 million subscribers worldwide in third quarter, from July to September. This ends the streaming giant’s long struggle of losing subscribers. Netflix’s total subscriber count now stands at 223.1 million. Further, the company has forecast that it will clock 4.5 million customers in the fourth quarter.

On the third quarter results, media reports quoted Co-CEO Reed Hastings as saying, "Thank God we're done with shrinking quarters" He reportedly added that the company needs to continue gathering momentum by focusing on content, marketing and a lower-priced plan with advertising.

"After a challenging first half, we believe we're on a path to reaccelerate growth," the company reportedly said in a letter to investors on Tuesday.

The company said it expected to continue to add subscribers in coming months. It is also rolling out a number of changes, including launching a less expensive option with adverts next month.