Netflix Gained 8 Million Subscribers in Q2 2024

Netflix detailed yesterday its financial results for the second quarter of 2024, and it was a strong one for the streaming service with revenue growing 16.8% year-over-year to $9.56 billion. Netflix also reported a net income of $2.147 billion, a number that’s up 44% year-over-year.

In Q2, Netflix gained 8 million new subscribers and now has a total of 277.65 million subscribers around the world (up 16.5% year-over-year). In a letter to shareholders, the company explained that its $6.99/month ad-supported tier now accounted for over 45% of all signups in markets where it’s available. As Netflix recently started to discontinue its Ad-free ‘Basic’ plan for existing subscribers, this ad-supported plan is now the cheapest option in its ads markets.

“Our ad revenue is growing nicely and is becoming a more meaningful contributor to our business,” Netflix explained yesterday. Later this year, the company plans to test a new in-house ad tech platform in Canada to replace the one provided by Microsoft, with a broader launch to follow in 2025. “This will give advertisers new ways to buy, insights to leverage and ways to measure impact,” the company said.

Netflix also credited its strong Q2 results to the impact of hit TV shows such as Baby Reindeer, Queen of Tears, and the season 3 of Bridgerton, as well as new films like Under Paris, Atlas, and Hit Man. With 22.6 million views since its release on May, 5, the celebrity roast special The Roast of Tom Brady also gave Netflix its “largest live audience yet.” Going forward, the streaming platform will continue to invest in eventized programming, and it’s hoping to capitalize on upcoming events like the Jake Paul and Mike Tyson boxing match, as as well as weekly WWE programming starting in 2025.

Netflix will also continue to grow its games offering with new games based on Netflix exclusive shows. The company now aims to launch one new game every month, and a new multiplayer game based on the Squid Game universe will launch later this year alongside the second season of the hit Korean TV series.