Despite Losing Subscribers, Netflix Adds 2.4 Million Subscribers in Q3 2022

Digital media streaming provider Netflix reported adding more than 2.4 million paid subscribers, primarily from outside the United States. According to its third-quarter 2022 report released by Netflix Investor Relations (November 2nd), the streaming giant now boasts 223 million subscribers worldwide.

This positive performance halts a string of subscriber losses this year that sparked anxiety among investors and raised questions about the future growth of the video streaming business. Netflix lost 200,000 subscribers in the first quarter and nearly one million in the second.

"After a challenging first half, we are confident we are on the right track to reaccelerate growth," Netflix stated in its official release.

Netflix is preparing to introduce a cheaper, ad-supported service on November 3rd. This is a strategy to attract more subscribers with a lower-cost subscription.

Specifically, the ad-supported Netflix service will cost US$6.99 per month in the United States. Subscribers to this plan will see 4 to 5 minutes of ads per hour of content watched.