Netflix has increased their subscriber count by more than two million.
The streaming giant has lured more than 2.4 million people to their service through their original content - such as ‘Stranger Things’, ‘The Crown’. ‘Monster: The Jeffrey Dahmer Story’ - despite the increase of competition and the increasing cost of living crisis.
In a note to investors, Netflix said: "After a challenging first half, we believe we're on a path to reaccelerate growth.”
They added: "It's hard to build a large and profitable streaming business - our best estimate is that all of these competitors are losing money on streaming,"
Netflix - whose shares jumped more than 10 per cent following the news - believes they will continue to ramp up the number of people they have paying for their shows and movies in the next few months. Notably, they teased adopting new methods to gain traction - such as ad-supported models and allowing account holders to pay more to add profiles for people who don’t live in their household - and are already testing them on audiences in parts of South America.
In November, their ad-supported model will debut that will cost £6.99 for their UK viewers. They follow in the footsteps of their rival Disney Plus, who will launch a similar model in December with prices starting at $7.99 in the US.
In a statement, they said: "We're confident that ... we now have a price and plan for every fan.
"While it's still very early days, we're pleased with the interest from both consumers and the advertising community and couldn't be more excited about what's ahead."
