Netflix has eventually conquered losing subscribers after a long-time struggle to hold them from competition and prevailing rise in cost of living across the globe.
According to BBC report, the streaming giant said it added 2.4 million households to its subscriber base over the July to September period.
That reversed the losses it suffered in the first half of the year after raising its prices in key markets.
Hits such as Stranger Things and Monster: The Jeffrey Dahmer Story helped draw viewers back to the site.
“After a challenging first half, we believe we’re on a path to reaccelerate growth,” the company said in a letter to investors on Tuesday.
The company said it expected to continue to add subscribers in coming months. It is also rolling out a number of changes intended to restore its fortunes, including launching a less expensive option with adverts next month.
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New charges aimed at people who share their accounts, already being tested in parts of Latin America, will start to be implemented more broadly in early 2023, the company added.
That news comes a day after the company said it had created a way to transfer user’s profiles along with viewing histories and preferences, to new accounts, so personalised settings would not be lost.
Analysts said the changes should help the company make more money. But many remain doubtful that the firm – already a mainstay of households in many countries – has much more room to grow, especially in core markets such as the US, where much of the competition has also seen subscriber growth plateau in recent months.
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Sign-ups in the Asia-Pacific region drove growth in the most recent quarter, putting its subscriber total above 223 million, Netflix said.
“They’re going to continue to have more US subscribers than most but as far as the overall share of the pie, it’s going to be tough to actually grow,” said Wade Payson-Denney of Parrot Analytics, a data firm that tracks demand for content.
