Netflix, a popular streaming platform, has added 8.05 million new paid subscribers in the second quarter of 2024.
The company surpasses projected estimates of 5.2 million by 54%. This increase brings Netflix’s global subscriber base to 277.65 million, reinforcing its dominance in the streaming market.
Although considerably lower than the 9.33 million recorded in Q1, 2024, it is still ahead of the curve for its estimated new subscribers.
Based on its Q2 earnings reports, it has outperformed expectations continuing a strong performance streak this year.
The streaming giant reported $9.5 billion in revenue and $4.88 earnings per share, in line with consensus estimates and prior guidance. This solid performance follows the highest earnings ever recorded by the company in the first quarter.
Looking ahead, Netflix projects softer growth for the next quarter, with sales expected to reach $9.7 billion, representing a 13.9% year-over-year increase. To sustain its momentum, the company plans to expand its entertainment offerings and continue investing in its ad-supported tier, which saw a 34% growth this quarter.
Despite the strong quarterly performance, Netflix shares remained flat following the announcement but have experienced a 37% increase year-to-date.
The company’s ability to consistently exceed subscriber growth estimates highlights its resilience and adaptability in a competitive streaming landscape, positioning it well for continued success in the future.
In Nigeria, Netflix wields its influence on the streaming market year it premiered its original series “Òlòtūré: The Journey,” a spinoff from the 2019 film by Mo Abudu’s EbonyLife Studios. The series captured substantial attention, amassing 1.7 million views and 3.2 million hours of watch time during the week of July 1 to 7, 2024, which propelled it to the top 10 global charts on the streaming platform.
Other Nollywood movies like Shina, between July 8 to July 14 2024, also made the Netflix Top 10 Chart in Nigeria. Actor Timini Egbuson is the executive producer of the movie. Directed by Muyiwa Adesokun and Carmen Lilian-Ike-Okoro, this crime thriller was produced by Feyifunmi Oginni.
In its letter to shareholders on Thursday, July 18, 2024- the company stated that “Viewing is key to Netflix’s success. It’s the best proxy we have for member happiness. When people watch more, they stick around longer, talk about Netflix more often, which drives acquisition, and place a higher value on our service,” the company stated in its Q2 letter to shareholders issued Thursday.
The company also highlighted its107 Emmy nominations this year, leading all platforms and networks. These nominations span across 35 series, TV movies, and specials. In Q2, Netflix premiered a diverse array of hit series including “Bridgerton” Season 3, “Baby Reindeer,” “Queen of Tears,” and “The Great Indian Kapil Show.” “The Roast of Tom Brady” attracted Netflix’s largest live audience to date, with 22.6 million views from its May 5 premiere through July 14.
The company announced it is exploring new areas such as sports, live events, and gaming to extend its lead in the industry. Plans include a multiplayer video game tied to the upcoming new season of the popular dystopian series Squid Game, as well as offerings linked to shows like Emily in Paris.
“If we execute well—better stories, easier discovery, and more fandom—while also establishing ourselves in newer areas like live, games, and advertising, we believe we have a lot more room to grow,” the company told investors.
