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Tuesday, April 16, 2024
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Netflix Grows to 213.6M Subscribers

  • Netflix's total subscriber count reached 213.6 million at the end of the third quarter.
  • The company plans to roll out a gaming division.
Netflix/Design: Alex Brooks

Netflix saw solid third quarter growth, as it develops new lines of business, particularly gaming.

The company brought in $7.48 billion in revenue, a 1.3% bump from last quarter. Its net income jumped 83.4% year-over-year to $1.45 billion.

The streaming giant maintained its global subscriber lead, adding 4.4 million users to reach a total of 213.6 million. The company said that it held a 6% share of total watching time in the U.S. in September, tied with YouTube for tops among streamers.

Netflix has been upfront about its ambitions to break into gaming.

  • In July, the company hired former EA and Facebook executive Mike Verdu, who worked on “The Sims” and “Plants vs. Zombies” franchises.
  • The company reiterated on Tuesday that “games on Netflix will be included in members’ subscriptions and will not have advertisements or in-app purchases so gameplay is purely focused on enjoyment versus monetization.”

Netflix noted in its shareholder letter that it was holding cash “to reinvest in our core business and to fund new growth opportunities like gaming, followed by selective acquisitions.”

The streamer acquired “OXENFREE” developer Night School Studio in the third quarter, and has begun testing game offerings in certain countries.

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