Netflix has once again raised up their subscription prices for subscribers who are living in the United States, Britain and France. The popular streaming company has also had 13% in surging shares with almost $9 million in new subscribers joining Netflix around the globe in the third quarter. This surpassed what Wall Street analysts’ forecasted which was $6 million. Netflix has stated that it is expected to have more subscribers in the same quarter.
SUCCESS DESPITE ON-GOING STRIKE
The streaming company’s performance has been thriving despite the ongoing Hollywood labor tension that has shut down a large portion of U.S production. One reason is that television series and films have continued to be produced overseas, which have garnered a vast majority of the new subscribers. One of the company’s biggest successes is the live-action adaptation of the Japanese manga series, One Piece. This wasn’t the only series that attracted new audiences.
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The legal drama series Suits and HBO’s World War Two series Band of Brothers brought an immense number of new viewers. According to Netflix co-CEO Ted Sarandos says that he is proud of quarterly results.
“These are the times I’m glad we have such a rich and deep and broad programming selection. The same was true during COVID, when we were able to manage the slate through a prolonged and pretty unpredictable production interruption.”
-Ted Sarandos-
This third-quarter customer increase is noted to be the strongest quarterly uptick since the second quarter of 2020 when lockdowns were happening globally which was surprising to many.
THE INCREASED PRICING FOR NETFLIX
Netflix has increased the U.S price of its premium ad-free plan by $3 per month to $22.99. In Britain, it was increased by 2 pounds to 17.99 and in France, it was by 2 euros which is 19.99. This price hike was announced in an earnings report that showed the company’s global subscriber was 247 million at the end of September.
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Many of those subscribers came from Europe, the Middle East and Africa where nearly 4 million subscribers extra subscribers were tallied. More than 70% of the members are now residing outside of the United States. The television series Suits became one of the most-watched titles on streaming in the United States for 12 straight weeks after it hit the streaming platform. The series originally aired on the USA cable network from 2011 to 2019.
The writer and actor strikes prompted Netflix to revise its projections and spending in 2023, with the actors hopefully coming to a settlement in the near future. According to Netflix, they said that they will continue to dominate viewership in the near future.
The streaming site accounted for 8% of television screen time, only coming in second to YouTube. This was cited via the Nielsen data. As of right now, the SAG-AFTRA strike is still ongoing. The strike has been going on since July 14, 2023 and there has been no settlement/agreements. If you would like to learn more about the SAG-AFTRA strike, you can check out their official page SAGAFTRA.org to get the latest news.
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Source: Reuters
