Netflix aims to attract 4.5 million subscribers by year end and doubles its expected new customer numbers

Netflix subscriber numbers increased by 2.4 million from July to September this year, more than double the number than was expected.

The world’s largest streaming service also saw revenue exceeded expectations and top $7.9bn during the quarter, its third quarter results showed.

It had been hoping to regain the million subscribers it lost in the first half of this year but instead gained more than double that number.

It now has a total of 223.1 million subscribers around the world.

The company effectively declared itself the winner of the streaming war. In a letter to shareholders it said it was beating rivals when competing for viewers in the UK and US and profiting where competitors are reporting losses.

The platform accounts for 8.2% of video viewing in the UK, outpacing Amazon Prime and Disney+, and 7.6% of TV time in the US, also greater than Amazon, Disney+ and Hulu, the results said.

“Our competitors are investing heavily to drive subscribers and engagement, but building a large, successful streaming business is hard – we estimate they are all losing money, with combined 2022 operating losses well over $10 billion, vs. Netflix’s $5 to $6 billion annual operating profit,” the letter read.

Netflix has recently announced a range of updates in the hopes of increasing user numbers amid rising cost of living pressures.

A new, cheaper and ad-funded monthly subscription service costing £4.99 will be available from November.

In a bid to prevent password sharing, from later this week, Netflix profiles – with viewing histories and recommendations – can be transferred from accounts owned by someone else. The profile can be added to a new subscription while keeping the new feature lets you keep previous settings.

For the first time next month Netflix viewer numbers will be measured externally and independently with Barb, the Broadcasters’ Audience Research Board, which compiles TV ratings in the UK.