Netflix overcomes losses after gaining 2.4M new subscribers

Netflix is on a roll again after gaining over 2.4 million new subscribers recently. This development shows that the streaming service and production company is slowly recovering after experiencing a decline due to various issues, including a major drop in the number of subscribers worldwide.

On Tuesday this week, Netflix confirmed it added more than 2.4 million subscribers in the third quarter and said that the new sign-ups were mainly from outside of the United States. This can be seen as putting an end to the company’s losing streak in terms of the number of customers, as it lost more than one million subscribers in the first two quarters.

The previous losses placed so much pressure on Netflix as investors also started to worry and even question if its streaming business could still grow. According to The New York Times, with the big improvement, the company seems to have already gained back the number of subscribers it lost and now has 223 million customers around the world.

This result was said to have beaten the forecast of around one new million sign-ups for this quarter. The gain is enough to make for the 200,000 who unsubscribed in Q1 and almost one million in Q2.

“After a challenging first half, we believe we’re on a path to reaccelerate growth. The key is pleasing members,” CNBC quoted Netflix as saying in a statement “It is why we have always focused on winning the competition for viewing every day. When our series and movies excite our members, they tell their friends, and then more people watch, join and stay with us.”

Meanwhile, Netflix is set to launch its new subscription plan, and this tier would be the cheapest since it is ad-supported. Starting Nov. 3, this tier will be available for everyone and only priced at $6.99 per month in the U.S. The aim of this new low-cost plan option is to get more subscribers, although there will be four to five minutes of ads for every one hour of viewing time.