Netflix Adds Over 2 Million Subscribers Ahead of Password-Sharing Crackdown

Netflix gained over two million subscribers, which exceeds the new user expectations of the giant video streaming service.

The subscriber gain of the renowned streamer comes ahead of its plan to crack down on password-sharing.

Netflix Adds Over 2 Million Subscribers Ahead of Password-Sharing Crackdown
In this illustration photo taken on July 19, 2022 the Netflix logo is seen on a TV remote in Los Angeles. - Netflix reported losing subscribers for the second quarter in a row Tuesday as the streaming giant battles fierce competition and viewer belt tightening, but the company assured investors of better days ahead. The loss of 970,000 paying customers in the most recent quarter was not as big as expected, and left Netflix with just shy of 221 million subscribers. by CHRIS DELMAS/AFP via Getty Images

Netflix Gains Over 2 Million Subscribers

As per the latest report by NBC News, the home of hit Korean thriller Squid Game, Netflix, saw an additional 2.4 million subscribers in the last three months.

The news outlet notes that the streaming service has been grappling with a bleak trend in the first and second quarters of 2022. It is worth mentioning that it is also the first time that the tech giant lost its subscribers.

So while Netflix has been releasing new hit series and movies from Hollywood stars like Adam Sandler, it still struggled to gain new subscribers in the first half of the year.

But this time, it looks like Netflix has successfully reversed its gloomy subscriber trend for 2022. For the third quarter (Q3) of 2022, the streamer gained double the subscribers that it was expecting.

The streaming service confirmed its new subscriber count figures during its recent third-quarter results report, according to a news story by CNET. The tech giant also went on to disclose that it holds roughly 223.09 million subscribers during the July to September period thanks to its new users.

Netflix
This illustration picture taken on July 24, 2019 in Paris shows the logo of the US Online Streaming giant Netflix logo application on the screen of a tablet. by MARTIN BUREAU/AFP via Getty Images

NBC News reports where the new subscribers of Netflix are coming from. It turns out that about 1.4 million users are from the Asia and Pacific region, whereas only a hundred thousand are from the North American region.

The giant streamer admits that it only expected to gain roughly a million new subscribers from July to September. But the results are twice what the tech firm foresees.

Netflix vs. Rival Streaming Services

Apart from the additional users, the streamer also reports that the tech behemoth remains profitable from an annual perspective. It further revealed that its rival streaming services are now losing "well over $10 billion.

Netflix hq
The Netflix logo is seen on the Netflix, Inc. building on Sunset Boulevard in Los Angeles, California on October 19, 2021. ROBYN BECK/AFP via Getty Images

On top of that, Netflix also boasted that it still takes around 7.6% slice of the pie in overall TV time. Meanwhile, the home of Stranger Things notes that its TV time share is roughly 2.6 times better than what Amazon Prime Video holds.

The streamer believes it is now "on a path to reaccelerate growth."

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Written by Teejay Boris

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