Monday, October 16, 2017

Netflix shows huge subscriber growth

Netflix has released its earnings report for Q3 2017, showing it is on track to exceed $11 billion in revenue during 2017.

Global streaming revenue in the past quarter rose 33% year-over-year to $2.9 billion, which Netflix said was driven by a 24% increase in average paid memberships and a 7% growth in average selling price.

Year-to-date net subscriber additions were up 29% to 15.5 million compared to the previous year.

"We added a Q3-record 5.3 million memberships globally, up 49% year-over-year, as we continued to benefit from strong appetite for our original series and films, as well as the adoption of Internet entertainment across the world," said Netflix.

Total membership now stands at 109 million.

For the next quarter, Netflix forecasted net additions of 6.3 million – 1.25m in the US and 5.05m internationally.

Netflix said it expects comparatively slower growth in the coming quarter, as it recently announced price adjustments in many markets.

It increased prices to its standard (HD) and premium (4K) streaming plans.

Netflix subscription fees in South Africa were not adjusted.

Now read: Netflix spends $8.5 billion on shows

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