After battling to retain users in the face of competition and challenges from the rising cost of living, Netflix has now stopped losing members.
According to the streaming juggernaut, its user base increased by 2.4 million homes between July and September.
Its prices were raised in important markets, which helped it recover from the losses it experienced in the first half of the year.
Popular shows like Monster: The Jeffrey Dahmer Story and Stranger Things encouraged visitors to return to the website.
The business stated that it anticipated adding subscribers going forward. Additionally, it is implementing a series of adjustments meant to turn around its financial situation, including the debut of a less expensive option with advertisements next month.
Early in 2023, the company said, it will begin to introduce new charges that are already being evaluated in some regions of Latin America more extensively.
Analysts predicted that the changes would increase the company’s profitability. Many people continue to question whether the company, which is already a staple of families in many nations, has much more room to expand, particularly in core regions like the US, where much of the competition has also seen subscriber growth level off recently.
According to the streaming juggernaut’s most recent financial statement, Netflix currently accounts for over 8% of all video viewing time in the UK and 7.6% of TV viewing time in the US.
In the US, that is closely tied with YouTube but much ahead of competitors like Amazon and Disney.
Cobra Kai, Stranger Things, and The Crown, three Netflix series, continue to top the rankings of the most watched streaming programs.
However, following a surge during the pandemic, the business has found it difficult to draw in new customers and keep the loyalty of current ones.
Price increases in important areas like the US and UK have contributed to the issue, particularly because consumers are cutting back as a result of increased living expenses.
Intense rivalry exists between businesses and services like YouTube, Apple TV, HBO Max, Amazon Prime, and Disney+.
Following the publication, Netflix stock increased by more than 10% in after-hours trading.