In its Q3 earnings, Netflix announced that it added 4.4 million paid memberships during the quarter, ahead of its 3.5 million guidance forecast, ending the quarter with 214 million paid memberships. For the second consecutive quarter, Netflix said the APAC region accounted for the most growth, contributing 2.2 million paid net adds.
For its programming slate, Netflix’s strategy is to provide members with a wide variety of high-quality content that’s loved and watched in large numbers. Citing the success of the Korean series Squid Game, the series has become the biggest TV show ever since its release on September 17. According to Netflix, 142 million member households globally chose to watch the title in its first four weeks.
Apart from the global success of Squid Game, Netflix continues to deliver great stories that can come from anywhere and be loved everywhere. In the past quarter, Netflix has seen several hits across the world, measured in the first 28 days since launch with its series Sex Education (55 million) and Maid (anticipated 67 million during first four weeks); films such as Kissing Booth 3 (59 million), Sweet Girl (68 million), and Vivo (46 million); and local language originals such as La Casa de Papel (69 million) and Blood Red Sky (53 million).
Exciting content in Q4
In its announcement, Netflix also said that it expects to have its strongest Q4 content offering, which includes a mix of popular returning English language series such as The Witcher, You, Tiger King and Cobra Kai, big returning non-English series like Sintonia and the final chapter of La Casa de Papel (aka Money Heist), as well as exciting new movies such as the action film Red Notice (starring Dwayne Johnson, Gal Gadot and Ryan Reynolds), Don’t Look Up with an all-star cast including Leonardo DiCaprio, Jennifer Lawrence, Rob Morgan, Jonah Hill, Timothée Chalamet, Tyler Perry and Meryl Streep, as well as The Harder They Fall featuring Jonathan Majors, Zazie Beetz, LaKeith Stanfield, Regina King and Idris Elba, Army of Thieves (the prequel to our hit movie, Army of the Dead) and The Unforgivable starring Sandra Bullock, Viola Davis and Jon Bernthal. The latest films from acclaimed directors Jane Campion (The Power Of The Dog) and Paolo Sorrentino (The Hand of God) are also coming to Netflix in Q4.
Later in the year, Netflix said that it will shift to reporting on hours viewed for its titles rather than the number of accounts that choose to watch them. Its statement reads, “We think engagement, as measured by hours viewed, is a slightly better indicator of the overall success of our titles and member satisfaction.”