Netflix raises subscribers to nearly 140 million

By Nathaniel Dalby - Thu 18th Oct 2018 News

Netflix's global domination continues.

Matt Smith and Claire Foy in Netflix's The Crown.

Netflix has announced that it has reached nearly 140 million subscribers worldwide.

The streaming platform released a statement claiming that it added 7 million subscribers in the third quarter of 2018. 

These figures were said to be stronger than the second quarter of the year, with Netflix apparently being disappointed by the performance from April to June.

The surge in subscribers can be attributed to the addition of new Original content, including Maniac and new seasons of Orange is the New Black and Bojack Horseman

Netflix has spent an estimated $8 billion on Original content this year, with the recent quarter thought to have added 676 hours of new content to the platform.

This is around 135% more than the same quarter last year, so the figure seems likely to go even higher in 2019.

In a letter to investors, Netflix said that the push for more and more content was crucial to increasing subscriber figures.

“We recognise we are making huge cash investments in content, and we want to assure our investors that we have the same high confidence in the underlying economics as our cash investments in the past.”

With its increased number of subscribers, profits for the quarter have tripled to $403 million.

The New York Stock Exchange also values the company overall at $154 billion, meaning that the streaming giant looks set to continue dominating the world of content streaming.

Source: BBC