Netflix, a streaming giant, has added 9 million subscribers since its crackdown on password sharing and recent price hikes of its lowest-paying tier. The number of users surged by more than 10 per cent to 247 million at the end of 2023 third quarter.
The company revealed on an Earning Report that its ad-supported offer was gaining popularity in the number of members increasing nearly 70 per cent in the last quarter.
Speaking on the increased subscribers after the release of the quarterly results, Ted Sarandos, Netflix co-CEO, said, “These are the times I’m glad we have such a rich and deep and broad programming selection. The same was true during COVID-19 when we were able to manage the slate through a prolonged and unpredictable production interruption.”
Sarandos said the strong performance showed Netflix was thriving despite Hollywood labour tensions that shut down a large swath of US production. Netflix makes many of its shows and movies overseas, accounting for the bulk of its new sign-ups.
He pointed to the global success of “One Piece,” a live-action adaptation of the venerable Japanese manga series and an example of its hefty investment in stories with local resonance that travel the world. The streaming giant also attracted new audiences to long-running television shows, such as the legal drama “Suits,” which it licensed from Comcast, and HBO’s World War 2 series “Band of Brothers.”
Here in Nigeria, the last quarter has welcomed the likes of The Black Book, which successfully maintained a spot on the top 10 English films globally for three weeks consecutively. Jagun Jagun came in fifth on the top 10 charts for non-English films globally. Recently, Ijogbon in eighth on the top 10 chart for non-English films globally in three days.
The company’s third-quarter customer gains represented its strongest quarterly uptick since the second quarter of 2020 when lockdowns early in the global pandemic led to an unprecedented surge in streaming subscriptions.
PP Foresight analyst Paolo Pescatore said the third-quarter growth at Netflix was a testament to its recent crackdown on password sharing and the opportunities for growth as it moves into advertising.
“It is firing on all cylinders, with recent efforts all heading in the right direction,” he said.
