Netflix added just over 5 million members in the last quarter, taking it to 282.72 million subscribers worldwide. That is a potential audience of over 600 million people. Despite slowing subscriber growth, Netflix reported its most profitable quarter so far. By our calculations, Netflix could pass the 300 million members early next year. Although Netflix says that it will not provide quarterly numbers beyond the end of the year, this might be a figure worth mentioning.
The quarterly addition of 5 million subscribers was lower than in recent quarters but the fourth quarter can be expected to improve on that. In the third quarter of 2023, Netflix gained 8.76 million subscribers and added 13.12 million the following quarter. By our reckoning, Netflix could hit 300 million subscribers around the end of the first quarter of 2025.
The biggest gains once again came from the Asia Pacific region, adding 2.28 million, while the Europe, Middle East and Africa region gained 2.17 million, with a loss of 68,000 in Latin America, and a gain of 690,000 in the United States and Canada.
Quarterly revenue was $9.82 billion, with an operating margin of 29.6%, compared to $8.54 billion and 22.4% in the same quarter the previous year.
Netflix says that viewing averages at two hours a day per paid membership, which is an extraordinary figure. Taking only owner households, which excludes the impact of paid sharing, viewing hours rose year over year in the first three quarters of 2024.
Top shows like The Perfect Couple recorded over 65 million views, while season 4 of Emily in Paris produced 51 million views, and The Union movie delivered nearly 112 million views.
As Netflix approaches the second anniversary of launching its advertising business, its lower cost plan with advertising accounted for over half of sign-ups in countries where it is available. The company says that in 2025 it will reach critical scale for advertisers in all the countries where it offers advertising.