Things are looking up for Netflix this quarter. The streamer added 2.41 million subscribers, bringing the total to 223.09 million. Netflix expected a net gain of 1 million subs in the third quarter.
The streaming giant also slightly beat analysts’ expectations, earning $7.93 in revenue. Analysts predicted $7.85 billion.
Netflix experienced two very grim quarters in recent months, losing a total of 1.2 million global subscribers. A significant number of layoffs have also occurred, including the more recent downsizing of its animation department.
However, with the addition of its new ad-supported tier coming to the platform in November, the company has potentially opened itself up to new customers looking for a cheaper way to stream.
The streaming giant revealed last week that the Basic with Ads plan would cost $6.99 per month and include four to five minutes of advertisements an hour for TV shows and movies. The launch will occur one month before rival Disney+’s ad-supported tier, which will cost $7.99 per month.
Netflix has partnered with Microsoft, Nielsen, DoubleVerify and Integral Ad Science to help with its ad plan. The company also signed up with BARB to measure Netflix’s streaming numbers in the U.K.
More to come…