Netflix is estimated to have 214 million paid subscribers, which tops the company’s modest projections set in the last quarter for the addition of 3.5 million net subscribers. As per study, Asians worldwide officially watch more Netflix than anybody, as the most significant contributor to Netflix’s subscriber growth was the Asia-Pacific region, with more than 2.2 million subscribers from the area.
Not too behind were Europe, the Middle East, and Africa, who contributed a combined1.8 million subscribers for the quarter, according to Forbes. Netflix added only 300,000 in Latin America, while U.S./Canada accounted for an estimated 70,000 new paid subscribers, which is a crazy leap from last year’s loss amounting to 400,000 subscribers.
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In the second quarter, the company saw its total subscriber base increase by 1.5 million. In the previous quarter, the company faced a setback when it failed to meet its projections, adding only 4 million new subscribers, which were a whopping 2 million short of its expectation of 6 million. As ambitious as ever, America’s favorite streamer is projecting a net add of 8.5 million subscribers for the fourth quarter, which is a notable rise from its performance thus far in 2021. In recent times, Netflix has had a lackluster performance in subscriber growth, though popular hit shows like Squid Game arriving at the end of the third quarter saved the streaming company, according to Yahoo Finance.
Netflix profited from an exorbitant revenue of $7.5 billion, representing that the company has had a 16 percent year-over-year growth, a minute increase from the second quarter’s reported $7.3 billion in revenue. The average revenue per user in the U.S. and Canada saw a slight increase in quarter 3, hitting $14.68.
The streaming device had come under fire recently for handling Dave Chappelle’s latest comedy special, The Closer. Tuesday’s earnings came during a time of turmoil for the company. It had been facing public outrage and internal pushback from viewers and employees due to the issue. Netflix has not commented on the walkout or the Chappelle controversy during the earnings interview on Tuesday.
The streaming giant isn’t putting a stopper on its ambitions to just shows and films, and the third quarter was significant for the company due to its acquisitions. Netflix had partnered with Walmart for a merchandising deal that will bring customers toys, clothes, and other goods linked to popular Netflix shows. The company also acquired the Roald Dahl Story Company to create an extraordinary universe based on the author’s beloved stories like Matilda, Charlie and the Chocolate Factory, Fantastic Mr. Fox, and The BFG. The company has also acquired the indie game developed Night School Studio as the first step towards video game expansion.
In the meantime, Netflix may be losing some of its edge in the streaming TV viewing market. The ‘Squid Games’ streamer and YouTube are now tied, with both accounting for 6 percent of all TV viewing in September while earlier Netflix had a lead on YouTube.
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Source: Forbes, Yahoo Finance
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