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Netflix adds 2.4 million new subscribers in July-September quarter, hopes to get more by year end with ad-supported tier

As of now, Netflix’s total subscriber count stands at 223.1 million and it aims to attract over 4.5 million subscribers by the year end

OTT platform Netflix revealed that it has added 2.4 million new subscribers in the July-September quarter this year. This is the platform’s bounce back from the customer losses it had faced in the previous quarters.

Moreover, the streaming platform is highly hopeful of adding more new subscribers in the days ahead riding on its soon to be launched ad-supported tier.

As of now, Netflix’s total subscriber count stands at 223.1 million and it aims to attract over 4.5 million subscribers by the year end with its new ad-supported tier.

According to the forecast analysis polled by Refinitiv, a provider of financial market data and infrastructure, the streaming platform was likely to amass over 1.07 million new subscribers from July to September.

But the streaming platform surpassed the forecast and garnered nearly 2x of the anticipated new subscriptions in the recently concluded quarter.

In Q3 of FY23, Netflix aired the final episodes of ‘Stranger Things’ and ‘Dahmer-Monster: The Jeffrey Dahmer Story’ which later became some of the most-watched series of all time on the platform.

Speaking on the Q3 data revealed by the streaming platform, the Co-CEO of Netflix, Reed Hastings said, “Thank God we're done with shrinking quarters."

Furthermore, he also emphasised that it is essential for Netflix to continue gaining momentum by focusing on content, marketing and a lower-priced plan with advertising.

The streaming platform in its quarterly letters to the shareholders also stated, “Our competitors are investing heavily to drive subscribers and engagement, but building a large, successful streaming business is hard.”

It is also to be noted that the streaming platform is projecting a revenue of $7.8 billion in Q4 of FY23.

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