Stranger Things, Dahmer help Netflix reach new subscriber record

In the first half of this year, Netflix lost a total of 1.2 million subscribers, a first for the streaming service. There were lots of reasons for that, including increased competition from the likes of Disney+ and HBO Max, the fact that Netflix was no longer available in Russia after the start of the war in Ukraine, and maybe because everyone on Earth who wanted a Netflix subscription now had one. Perhaps the years of eternal growth were just over?

Apparently not, because the company added a whopping 2.4 million subscribers between July and September, pushing the total to a new high of 223 million. Per Tech Radar, this came out in a recent earnings call, and Netflix is very happy about it. “After a challenging first half [of the year], we believe we’re on a path to reaccelerate growth,” the company said in a statement. “The key is pleasing members. It’s why we’ve always focused on winning the competition for viewing every day. When our series and movies excite our members, they tell their friends, and then more people watch, join and stay with us.”

I always through the hand-wringing over Netflix’s dwindling fortunes was a bit overblown earlier in the year, particularly given how unique the situation in Russia was. It’s no secret how to get more subscribers: release stuff people want to see. And Netflix had a bunch of a big hits in the third quarter of the year, including the final episodes of Stranger Things season 4 and the new drama Dahmer, which has become a monster success for the streamer. Purple Hearts, The Gray Man and Extraordinary Attorney Woo also did their part to pull Netflix out of its hole.

Netflix will continue to make bank on the back of The Crown — Watch the trailer for season 5

And Netflix has plans to keep the good times rolling. To start, it will be releasing a cheaper, ad-supported tier in the U.S., the U.K. and Australia on November 3. As for content, the upcoming fifth season of The Crown is pretty much guaranteed to be a blockbuster. Not only is it covering some of the most famous scandals in the history of the royal family, but it’s coming out just a couple months after the death of Queen Elizabeth II, which guarantees that interest will be sky-high.

The Crown season 5 comes out on November 9.

Perhaps the streamer will feel confident enough to renew The Sandman now? That show had an excellent first season but we’ve heard nothing about a second. I’ll beg if I have to, Netflix CEO Ted Sarandos.

Netflix says its competitors are losing money while it’s in the black

Finally, Netflix couldn’t let this good news come and go without getting in a bit of a dig at the competition. From their earnings report:

"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 versus Netflix’s $5 to $6 billion annual operating profit."

It’s true that Netflix is way ahead of the competition in terms of profitability. Basically, it’s going strong and we shouldn’t expect it to quit anytime soon.

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