Earlier in the year, Netflix reported losing approximately 200,000 subscribers. However, the latest figures show that the company has managed to boost numbers in the last few months.
In April, Netflix’s figures from the first quarter of the year found a drop in the number of users. This could be down to the rising cost of living, as many consumers have had to find ways to cut back on household bills and other expenses.
Netflix also lost subscribers over its price increases, as well as the controversial decision to crack down on password sharing.
The latest figures show that the streaming giant has managed to reverse these losses. Despite ongoing fierce competition and other pressures, the company says it gained 2.4 million new subscribers between July and September.
In a letter to its investors, the company said “After a challenging first half, we believe we’re on a path to reaccelerate growth.”
The company added that it expects to continue gaining more subscribers in the coming months as it is launching a less expensive option with ads.
Netflix currently accounts for 7.6% of US viewing time, but it faces tough competition from the likes of YouTube, Apple TV, HBO Max, Amazon Prime, and Disney+.
But, its recent hits like Stranger Things, Cobra Kai, and Monster: The Jeffrey Dahmer Story have helped to draw viewers back to the platform.
Although viewer numbers are roughly the same as YouTube in the US, Netflix continues to be well ahead of some of its other rivals like Disney and Amazon, with its original shows continuing to dominate in terms of popularity.
After booming during the pandemic, the company has struggled this year to keep its users and attract new sign-ups, with more people cutting back amid rising inflation.
Shares fell significantly earlier in the year, but they jumped more than 10% in after-hours trade, following the latest release announcing that sign-ups had increased.