After a chaotic start to the year, Netflix is finally starting to turn the corner. The streaming giant announced a significant increase in its number of subscribers, which obviously delighted investors.
2022 will have been a dark year for Netflix, which at the start of the year recorded its first drop in the number of subscribers in 10 years. In total, the company had ended up losing more than a million subscribers over the summer, especially because a large number of users had declared that they would not renew their subscription. In question, the successive price increasesbut also the lack of relevant content on the video-on-demand platform.
However, Netflix has not said its last word. The company’s stock price soared more than 14% on Tuesday after the close of the session, after Netflix announced results that exceeded analysts’ expectations. In effect, the streaming giant said it saw a surge of 2.41 million net subscribers worldwidemore than double what the company had forecast a quarter ago.
Korean series save Netflix’s growth
Netflix attributes this quarter’s growth to ” major TV and film hits “, as Monster: The Jeffrey Dahmer Story and Purple Hearts. However, it seems that this increase in the number of subscribers is mainly due to the recent Korean series that have arrived on the platform.
Indeed, Ted Sarandos, co-CEO of Netflix, mentioned on one of the conference call the strength of Korean series and said the company is increasingly relying on programs that are not made in English. Netflix subscribers have recently been able to discover Extraordinary Attorney Woo, which has already accumulated 402 million hours of viewing thanks to the amazing performance of lead actress Park Eun-bin.
Over the next few months, Netflix also hopes to win over new customers with its new cheaper package at just 5.99 euros, but the latter will be riddled with advertisements. Netflix also plans to charge you if you use a friend’s account as early as next year, which could see it post record profits.