Netflix users spend 2 hours daily on the streaming platform
What's the story
In its third-quarter earnings report, Netflix has revealed that subscribers spend an average of two hours every day on the platform. The company also reported a notable increase in household viewership as compared to last year. Over the last few months, Netflix has witnessed massive growth with a revenue of $9.83 billion and an operating income of $2.91 billion in Q3.
Subscriber growth
Subscriber base grows to 282.7 million
Netflix added nearly five million subscribers in Q3 2024, taking its total global subscriber base to 282.7 million. Notably, nearly half of these new subscribers chose the ad-supported plan. Despite this growth, Netflix still makes up for just under 10% of total TV usage in its biggest markets but believes it can grow by regularly offering quality TV shows and movies.
Future plans
Content strategy and platform redesign
Netflix has an exciting lineup of content for the coming year, including Squid Game season 2, a final season of Arcane, and an animated Witcher movie. Speaking during an earnings call, co-CEO Greg Peters confirmed plans to roll out a platform redesign that was tested earlier this year in June. "We're excited with the progress that we've seen there, so we're polishing it up," Peters said about the upcoming changes.
Reporting changes
Netflix to discontinue quarterly subscriber count from 2025
Netflix has announced that it will stop disclosing its quarterly subscriber additions starting 2025. The decision comes as streaming services explore other revenue streams like advertising and paid sharing, making subscriber growth a less critical metric. However, Netflix doesn't anticipate ads to be a "primary driver" of revenue growth next year, as it says it's "scaling faster than our ability to monetize our growing ad inventory."