Netflix says subscribers spend two hours a day on the platform

According to the company's third-quarter earnings report released today, Netflix said subscribers spend an average of two hours per day using the platform, while household viewership increased compared to last year.

The streamer has had a tremendous run in recent months, reporting revenue of $9.83 billion and operating profit of $2.91 billion. It also added around 5 million subscribers, bringing the global total to 282.7 million. Around half of subscribers who signed up for Netflix in the third quarter of 2024 chose the ad-supported plan.

According to Netflix, it currently accounts for almost 10 percent of total TV usage in its largest countries. However, it believes there is “a huge opportunity to increase this share” by consistently pushing more quality TV shows and films. The streamer has a promising slate of content planned for later this year and next year, including Squid game Season 2, a final season of Arcaneand an animated one Witcher Film.

“Creating programs for such a large, engaged audience, with so much variety and great quality, is difficult,” Netflix said in its letter to investors. “For this reason, streaming services that lack our wide range of content are increasingly looking to bundle their offerings… Netflix already offers an exceptional package of series and films (licensed and original) and, increasingly, games and live events .”

During an earnings call on Thursday, Netflix co-CEO Greg Peters confirmed that the platform plans to roll out the redesign it tested over the summer. “We’re excited about the progress we’ve seen there, so we’re improving it,” Peters said. “We’re excited to bring this to our subscribers around the world.”

This is one of the last times Netflix will announce how many subscribers it added in a quarter, as Netflix plans to stop quarterly counts starting in 2025. As streaming services add other revenue streams like advertising and paid sharing, subscriber growth becomes a less important figure. Still, Netflix doesn't expect advertising to become the “key driver” of revenue growth next year as it “scales faster than our ability to monetize our growing advertising inventory.”

Update, October 17th: Added information from Netflix's earnings release.

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