Big hits help reverse Netflix subscriber decline
October 19, 2022 - Netflix has stemmed the flow of deserting customers – after losing more than a million subscribers in the first half of the year – by gaining 2.4 million new sign-ups in Q3 2022.
Netflix shares jumped more than 10% in after-hours trading following news it has added 2.42 million new subscribers in the period from July to September – reversing a loss of 970,000 customers in the previous quarter.
It puts the losses it suffered earlier in the year down to raising prices in key markets. However, hits such as Stranger Things 4, Monster: The Jeffrey Dahmer Story, and The Gray Man have seen millions of households sign-up.
Netflix says it now accounts for 8.2% of all video viewing in the UK, and 7.6% of TV viewing in the US – considerably more viewers than Amazon or Disney+ have in each territory.
The company expects to continue to add subscribers in coming months and is launching a new lower priced ad-supported plan in 12 countries in November.