“Done with shrinking quarters..” – Netflix Co-Founder Breathes a Sigh of Relief as the Platform Recovers From Derailing Losses

“Done with shrinking quarters..” – Netflix Co-Founder Breathes a Sigh of Relief as the Platform Recovers From Derailing Losses

Is Netflix getting back on track after drowning in subscription losses? The OTT giant is undoubtedly one of the biggest platforms, remaining at the top among its competitors. In fact, the idea of OTT shook the idea of watching television shows. Mostly due to the convenience of watching shows on one app anytime and anywhere.

In fact, the platform reached an even wider spread during the Covid pandemic. But the fall came as quickly as its rise, which caused problems not only subscription-wise but also trembled its share market holders. But how has the company recovered since then, and has it covered the steep drop so far?

What the numbers say about the growth of Netflix

The entertainment industry can take a sigh of relief. There has been an addition of nearly 2.41 million new users in the third quarter of this year for the site. This exceeded the expectations of both the company and Wall Street. While the platform seems so confident in its growth, they have forecasted an increase of whooping 4.5 million subscribers in the near future, from its wide reach across the globe.

During an interview with analyst Doug Anmuth, co-founder and Chairman Reed Hastings took a sigh of relief as he revealed, “Thank God we’re done with shrinking quarters.After drowning by nearly 60%, there was a surprising growth of 16% to $278.94 in extended trading.

The credit for this likely goes to the site’s audience-grabbing creations like the sci-fi series Stranger Things and the recent spine-chilling Damher series, which contained an extremely criticized yet sensational show. Of course, the credit also goes to foreign shows like the Korean creation Extraordinary Attorney Woo.

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The number of premium subscribers has increased to 223.1 million. Although the earnings on stocks are expected to be 36 cents a share, which is not nearly as much as Wall Street’s expectation of $1.20. To tackle this problem, the streaming service may consider giving out the option of cheaper subscriptions by putting advertisements.

Do you think that would help them, or does the site also need to listen to its audience about the choice of series picked? Let us know in the comments.

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