With the long saga over, Netflix has finally introduced advertising across its platform.
Netflix is offering subscriptions at the cost of $6.99 per month, with the offer of four to five minutes of ads per hour. The video quality will also be capped at 720p.
This comes as the streaming platform faced declining subscribers all year. But finally, the decline has come to an end.
The company has doubled its subscribers, adding 2.4 million to its database. The data indicated that 100,000 of the new accounts were from the US and Canada, outlining a mature and saturated market where Netflix has found it difficult to attract new customers.
Australia’s subscriber base revealed a growth of 1.4 million active subscribers. Currently, Netflix has 223.1 million global subscribers. It predicts it would add 4.5 million subscribers in the final quarter of 2022.
Netflix released a letter on 18 October 2022 to its shareholders stating: “after a challenging first half, we believe we are on a path to reaccelerate growth.”
It announced that the company believes there are more options for users, especially more price conscious consumers, since global inflation rising “will translate into meaningful incremental income.”
Additionally, the introduction of the new profile feature will be able to get users off free plans and into paying plans, which will increase shareholder value.
Netflix stated “After listening to consumer feedback, we are going to offer the ability for borrowers to transfer their Netflix profile into their own account, and for sharers to manage their devices more easily and to create sub-accounts (“extra member”), if they want to pay for family or friends. In countries with our lower-priced ad-supported plan, we expect the profile transfer option for borrowers to be especially popular.”
Most watched series in the last quarter
Stranger Things season four hit off Q3 as the biggest hit, which generated 1.35 billion hours viewed, becoming the biggest season of an English language series.
This was followed by The Sandman, with 351 million hours viewed and the latest limited series, Monster: The Jeffrey Dahmer Story reaching 824 million hours viewed.