Number of Netflix subscribers grows again by more than 5 million

Streaming service Netflix has announced its third quarter results. Just like in the second quarter, the number of subscribers grew by more than 5 million. The company plans to spend $8 billion on new content.

The number of new subscribers is 5.3 million, compared to 5.2 million in the previous quarter and 3.6 million in the same quarter a year ago. This brings the total number of Netflix subscribers to approximately 109 million. According to the company, it is the largest increase in members in the third quarter to date. The biggest growth was seen outside the US, where just over 80 percent of new subscribers joined. This means that the number of international customers has clearly overtaken the number of American customers, while this was almost the same in the last quarter.

Netflix expects to add approximately another 5 million international and 1.25 million US customers in the coming quarter. The service recently increased the prices of its subscriptions. In a letter to its shareholders, the company writes, “Investors often ask us about continued access to content from other media companies. While we have multi-year deals to prevent the sudden disappearance of content, the long-term trends are clear.” The future of Netflix would lie in offering exclusive own content. The company says it also plans to invest $7 to $8 billion in 2018.

Other companies are doing the same, for example, Netflix points to the plans of Disney and Apple. The turnover of the streaming service in the past quarter amounted to 2.98 billion dollars, converted about 2.5 billion euros. Compared to the same quarter in 2016, there is a growth of 30 percent. Net profit came in at $130 million compared to $52 million a year ago.