• Loading stock data...
Saturday, November 2, 2024
The Best Employers in Sports survey is open through Nov. 6 Learn More

Netflix Adds 2.4M Subscribers, Spotlights Sports Content

  • Netflix reversed a two-quarter trend and saw subscribers grow to 223 million.
  • The company highlighted its growing sports library.
Netflix
Netflix

Netflix reversed its subscriber slide and is now showing off its sports content library with its third-quarter earnings release.

The streaming leader brought in 2.4 million subscribers to reach 223 million globally, rebounding from losses in the previous two quarters.

  • Q3 revenue hit $7.93 billion, a 0.6% dip from the previous quarter, but a 5.9% year-over-year rise.
  • Net income was $1.4 billion, holding steady with both the previous quarter and the same period last year.
  • The company projected more strong subscriber growth in Q4 to 227.6 million and revenue of $7.78 billion.

The company compared itself to rivals Disney and Amazon in a letter to shareholders:

“Our competitors are investing heavily to drive subscribers and engagement, but building a large, successful streaming business is hard — we estimate they are all losing money, with combined 2022 operating losses well over $10 billion, vs. Netflix’s $5 to $6 billion annual operating profit.”

The company’s stock was up over 13% on Wednesday.

Non-Live Sports

The company still doesn’t offer live sports programming, but it trumpeted its sports content in a trailer online prior to the NBA’s season-opening games on Tuesday.

Its “Drive to Survive” show on Formula 1 is credited with catalyzing the league’s skyrocketing popularity, but Netflix’s growing library includes shows about the 2008 men’s Olympic basketball team, Naomi Osaka, Bill Russell, Neymar, and many more.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Sep 28, 2024; Tuscaloosa, Alabama, USA; GOP Presidential candidate Donald Trump waves flanked by former Georgia Bulldogs player Herschel Walker, recording art Kid Rock, professional golfer John Daily, Alabama senators Tommy Tuberville (R) and Katie Britt (R) during the second half of the game between the Alabama Crimson Tide and the Georgia Bulldogs at Bryant-Denny Stadium.

Mission Swing State: College Football’s Political Advertising Battle

Trump, Harris, and the PACs that support them are utilizing the sport.
Fubo-TV

Fubo Reports 9% Subscriber Growth As Venu Sports Trial Looms

The sports-focused streamer grew revenue by 21%.

Could Amazon Make Black Friday a Legitimate Sports Holiday?

Prime made waves by putting an NFL game on Black Friday. The NBA is on the way.

World Series Delivers 7-Year Ratings Record, Marking MLB’s Big Comeback

Viewership of the five-game win by the Dodgers soared by 74% over last year.
podcast thumbnail mobile
Front Office Sports Today

First-Ever 12-Team CFP Takes Shape

0:00

Featured Today

The Untapped Revenue ‘Powder Keg’ of Women’s NFL Fandom

There’s a “boatload” of money at stake for brands and the league.
Oct 19, 2024; Gainesville, Florida, USA; Florida Gators quarterback DJ Lagway (2) shakes hands while entering the locker room after a game against the Kentucky Wildcats at Ben Hill Griffin Stadium.
October 28, 2024

NIL Director Is the Trendy New Job in College Sports. But the Role Is Chaos

Athletic departments nationwide are hiring for what’s become their most important position.
FuboTV signage
opinion
October 26, 2024

Fubo’s Fight Against Streaming Giants Feels Futile

Fubo notched a legal win, but subs and stock still slump.
October 25, 2024

Inside The Wall at L.A. Clippers’ New $2B Home

FOS went inside the “contagious” energy at the L.A. Clippers’ Intuit Dome.

Endeavor, TKO Consolidate Sports Assets, Hoping They’re Better Together

The move brings On Location, Professional Bull Riders, and IMG under TKO.
Sep 11, 2024; Los Angeles, California, USA; The Nike shoes worn by Seattle Storm center Mercedes Russell in the first half against the LA Sparks at Crypto.com Arena.
opinion
September 28, 2024

New Nike CEO Must Do It

The biggest task the new CEO faces is intangible: Refresh the brand.
October 1, 2024

Nike CFO Says ‘Adversity Creates Sharper Focus’

Amid a downbeat but expected set of earnings, Nike says it sees signs of optimism.
Sponsored

World Series Delivers High-Demand Marquee Matchup

The hype around the World Series matchup drove ticket prices to record levels—but the Dodgers’ dominance quickly quieted the fervor.
A Nike swoosh on a building in Eugene, Oregon.
September 23, 2024

Wall Street: Things Will Get Worse for Nike Before They Get Better

Some analysts are skeptical of how much the new CEO will change.
Crypto.com soccer advertising
September 15, 2024

The Champions League Is Back. So Is Crypto Sponsorship

Crypto investment is making its debut in the biggest European soccer competition.
Sep 9, 2024; Santa Clara, California, USA; San Francisco 49ers wide receiver Deebo Samuel (1) warms up before a game against the New York Jets at Levi's Stadium.
September 12, 2024

The NFL’s Private Equity Era Won’t Be the Bloodbath You Think—for Now

“It’s a different kind of investment thesis entirely.”
ESPN commentator Jay Williams speaking at a conference.
September 11, 2024

Jay Williams Supports PE in College Sports: ‘I Would Like to Own 49% of Duke Basketball’

Williams wants in when PE gets into college sports.