Netflix adds 8 million new paid subscribers and $9.5 billion in revenue

The streaming service Netflix has added 8.05 million new paying customers in the second quarter of 2024, 54% more than expected.

With this increase, Netflix now has 277.65 million global subscribers, securing its leading position in the streaming industry.

This number is more than anticipated for new subscriber growth, even if it is less than the 9.33 million achieved in the first quarter of 2024. Netflix maintained its strong performance trend from the first quarter, generating $9.5 billion in sales and $4.88 earnings per share, which is in line with consensus projections and prior guidance, according to its Q2 results announcement.

Netflix predicts sales of $9.7 billion for the upcoming quarter, which would be a 13.9% year-over-year rise, but is expecting slower growth. The business intends to increase the entertainment it offers and invest in its ad-supported tier, which grew by 34% this quarter, to maintain momentum.

Despite the company’s impressive quarterly performance, Netflix’s shares held steady after the news and have increased by 37% this year. The company’s capacity to continually surpass projections for subscriber growth highlights its adaptability and durability in a crowded streaming market, setting it up for future success.

Netflix is dominating Nigeria’s streaming market

With original content like “Òlòtūré: The Journey,” which attracted a lot of attention and peaked in the top 10 worldwide charts on the site, Netflix is still influencing the Nigerian streaming market. This illustrates Netflix’s increasing influence and appeal in the area, which is being fueled by locally relevant productions.

Furthermore, Netflix demonstrated its supremacy by garnering 107 Emmy nominations, the most of any platform or network this year. This demonstrated its broad approach to content creation and growing sway over people around the world.

About Netflix

With 278 million paying users in more than 190 countries, Netflix is one of the top entertainment services in the world. Users can enjoy TV shows, videos, and games in a range of genres and languages. Members are free to play, pause, and resume watching whenever and wherever they like. They can also modify their plans at any moment.

Netflix is the 23rd most popular website in the world as of October 2023. The United States accounts for 23.66% of its traffic, followed by the United Kingdom (5.84%) and Brazil (5.64%).