As the competition for streaming platforms continues to grow, Netflix is having to defend its popularity amount audiences. According to the New York Times, Netflix loss 126,000 domestic subscribers earlier this year. However, Netflix was able to get those subscribers back according to the article. Author Edmund Lee explained, ”The third-quarter results benefited from Netflix’s best-known series, ’Stranger Things, ’ which introduced its hugely anticipated third season over the Fourth of July weekend. The series drew 64 million households in the first four weeks it was available, the company said.”
This was a big comeback for the company and not only helped them draw in more viewers but helped line Netflix’s pockets. Netflix’s stock jumped more than 8% in after-hours trading last week. In addition, the company also reported a large jump in profit from $665 million to $5.2 billion in revenue. This rise in profit follows the addition of 6.8 million new customers this quarter, with 520,000 of them in the United States. Netflix has big plans and big movies to help them beat the soon-to-come streaming platform competitors, Disney and Apple. Both of which plan to release their streaming platforms in November. As of now, Netflix is the nation’s largest digital television network, with over 158 million customers around the world, including 60 million in the United States.