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Netflix adds 6.96 mn subscribers in Q3

The streaming service is projecting 9.4 million net subscribers during the next quarter

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MUMBAI: After a disappointing Q2 result, global streaming giant Netflix has again beat all expectations in its Q3 earnings. Netflix has not only added 6.96 million subscribers in this quarter but it has reported $4 billion streaming revenue for the quarter which is up 36 per cent year over year. However, the media company’s international revenue was down $90 million due to year-over-year impact from currency. The Reed Hastings-led company has proved again that it is still at the top of digital entertainment business despite threats from Amazon Prime, Hulu, HBO.

The amazing subscriber growth came from US market as well as international market. Netflix netted 1.09 million new streaming subs in the US and 5.87 million internationally. The disruptor in world entertainment is projecting it will add 9.4 million net subscribers during the next quarter.

Though Netflix has licensed content on its platform, it will rely on its TV and film studios to make more of its own content. As quoted by CNBC, Netflix chief content officer Ted Sarandos said its original shows tend to be more valuable than licensed ones.

“We also continue to expand our international originals, with projects spanning India, Mexico, Spain, Italy, Germany, Brazil, France, Turkey and throughout the Middle East to just name a few. In India, our hit series Sacred Games was followed up by Ghoul in late August. La Casa de las Flores, our latest Mexican original, has become a big hit,” the company said in a letter to shareholders.

Netflix’s free cash flow in Q3 was -$859 million vs. -$465 million in the year ago quarter. It anticipates that it will be closer to -$3 billion than to -$4 billion for the full year 2018.

The company also spoke about its competitors while emphasising that internet entertainment is leaving more opportunities. “Content companies such as WarnerMedia and Disney/Fox are moving to self-distribute their own content; tech firms like Apple, Amazon and others are investing in premium content to enhance their distribution platforms. Amid these massive competitors on both sides, plus traditional media firms, our job is to make Netflix stand out so that when consumers have free time, they choose to spend it with our service,” the streaming service commented.

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