Netflix Adds 8 Million Subscribers

Netflix added 8 million subscribers in its last quarter, the streaming company said in its earnings report on Thursday, bringing its global subscription base to 278 million.

Shows like the third season of “Bridgerton,” “Baby Reindeer” (which landed 11 of Netflix’s industry-leading 107 Emmy nominations on Wednesday), “The Roast of Tom Brady,” which attracted the company’s largest live audience ever, and films like the French horror movie “Under Paris” and “Atlas” starring Jennifer Lopez propelled the streaming giant to net income of $2.1 billion and revenue of $9.5 billion, a 17 percent increase from the same period last year.

The company said it was slightly raising expectations and now predicted revenue growth of 14 to 15 percent for the year.

Netflix now offers subscriptions to an advertising-supported service for $6.99 a month in 12 countries. That tier now accounts for more than 45 percent of all sign-ups in those markets. The company has also been investing more heavily in live events, including a recent three-year deal with the N.F.L. to stream games on Christmas Day.

Still, the company said in its shareholder letter that “we don’t expect advertising to be a primary driver of revenue growth in 2024 or 2025.”

Netflix said its biggest challenge when it came to advertising was that it needed to offer more products to advertisers, and that it needed to improve its technological capabilities. For instance, it recently started offering a “Pause Ad campaign” feature with brands like Coca-Cola and Ford. That allows consumers to see a static ad when they pause their Netflix content.