Netflix adds 9 million subscribers in Q3; raises subscription fee in select markets

In the third quarter, Netflix added nearly 9 million new subscribers worldwide, exceeding the various forecasts. The OTT platform has projected a similar level of subscriber additions for the current quarter. Now Netflix's global subscriber count stood at approximately 247 million.

Netflix also raised subscription fees for select streaming plans in the United States, Britain, and France on Wednesday. This move came as the company exceeded expectations for acquiring new customers, causing its stock to surge by 13%.

Netflix raised the monthly subscription fee for its premium ad-free plan by $3 in the United States, bringing it to $22.99. In Britain, the cost for the premium plan increased by 2 pounds to 17.99 pounds, while in France, it went up by 2 euros to 19.99 euros.

The California-based company reported earnings of $1.68 billion, equivalent to $3.73 per share, marking a 20% increase compared to the corresponding period last year. Additionally, revenue rose by 8% to reach $8.54 billion.

Netflix co-CEO Ted Sarandos expressed his satisfaction with the extensive and diverse programming catalogue following the quarterly results, stating, "I'm grateful for our rich and diverse content library. This was especially valuable during the COVID-19 pandemic when we successfully navigated a prolonged and unpredictable production disruption."