Netflix adds 2.4 million subscribers after months of declines

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Netflix gained 2.4 million new paid subscribers in the third quarter of this year, the company said in an earnings report Tuesday, a reversal for the streamer after reporting losses for the first time in 10 years over the last two consecutive quarters.

The Netflix logo. | Photo by STR/NurPhoto via Getty Images

In November, Netflix plans to launch a cheaper ad-supported tier, the first time ads will be coming to the streaming service.

Amid tight competition for viewers attention, Disney+ is also launching an ad-supported tier in December. When HBO Max and Discovery+ combine into one streaming service next year, a free ad-supported tier will be offered.

In April, Netflix reported its first subscriber loss in a decade, losing 200,000 subscribers. The company blamed the suspension of its service in Russia amid the country’s conflict with Ukraine, as well as competition with other streaming services and the “large number of households” that share accounts with each other.

It suffered another loss of 970,000 subscribers in July. Netflix has since said it is exploring ways to monetize people who share one account and crack down on password-sharing, and launched a “profile transfer” feature this week that allows a user to move their data between accounts. Roughly 450 Netflix staffers were laid off this year.

Netflix credited its third-quarter subscriber boost to programming, including the release of the fourth season of Stranger Things and Monster: The Jeffrey Dahmer Story.

In the third quarter, Netflix produced 1,024 episodes of original TV content, according to a report published last week by research firm MoffettNathanson. That’s a record for the company, and five times that of any other streaming service, the report said. Nearly 160 original shows were launched on the platform during that time period.

This article was first published on forbes.com

Netflix’s Cheaper Ad-Supported Tier Launching November 3 (Forbes)

Netflix Produced A Record 1,024 Original Television Episodes This Quarter (Forbes)