Netflix recently increased subscription rates for select streaming plans in the United States, the United Kingdom, and France, alongside the release of their Q3 (July-September 2023) earnings report.
According to data from LSEG, approximately 9 million new subscribers globally joined Netflix during the third quarter, with the company expecting a similar influx in the current quarter. Netflix’s worldwide subscriber count has now reached 247 million.
Subscription Price Hikes
Netflix has raised the monthly cost of its premium ad-free plan in the US by $3, now priced at $22.99.
Similarly, in the UK, the premium subscription cost has increased by £2 to £17.99, while in France, it has risen by €2 to £19.99.
Investors have responded positively to these changes, leading to a notable increase in Netflix’s share price, climbing from approximately $346.19 to $390.80.
Impressive Revenue Figures
Netflix’s revenue in the third quarter amounted to $8.54 billion. The company projects an estimated revenue of $8.69 billion for the October-December quarter.
Despite labor disputes in Hollywood causing disruptions to American production, Netflix’s robust performance remains largely unaffected.
The company’s extensive catalog of shows and movies produced abroad has contributed significantly to its continued growth.
Expanding Global Reach
Netflix has welcomed nearly 4 million new subscribers in Europe, the Middle East, and Africa. Over 70% of its subscribers are now located outside the United States.
This past quarter marked the company’s most substantial growth since the second quarter of 2020 when a surge in streaming subscriptions occurred during the initial stages of the global pandemic lockdown.