Netflix records $9.5bn revenue, adds 8m subscribers

• Published On: 19 July 2024 at 20:39

Netflix, a streaming provider, added 8.05 million new paid customers in the second quarter of 2024, 54% more than the predicted 5.2 million.

This increase brings Netflix's global member base to 277.65 million, strengthening its dominance in the streaming market.

While lower than the 9.33 million achieved in the first quarter of 2024, this statistic nevertheless exceeds forecasts for new subscriber growth. According to its Q2 earnings announcement, Netflix generated $9.5 billion in revenue and $4.88 per share, in line with consensus projections and previous guidance, and maintained its strong performance trend from the first quarter.

Looking ahead, Netflix expects weaker growth next quarter, with sales of $9.7 billion, up 13.9% year on year. To maintain momentum, the firm intends to extend its entertainment offerings and invest in its ad-supported tier, which experienced a 34% increase this quarter.

Despite the impressive quarterly performance, Netflix's shares stayed flat following the announcement, but have increased 37% year to date. The company's ability to continually beat subscriber growth expectations demonstrates its durability and adaptability in a competitive streaming landscape, which positions it well for future success.

Netflix's original content, like the popular series "Òlòtūré: The Journey," has had a big impact on the Nigerian streaming industry, hitting the top 10 global charts. This shows Netflix's expanding influence and popularity in the region, which is fueled by regionally relevant productions.

Furthermore, Netflix demonstrated its supremacy with 107 Emmy nominations, the most of any platform or network this year, demonstrating its broad content strategy and growing popularity among worldwide consumers.