Netflix Adds 4.4M New Subscribers in Third Quarter, Surpassing Projections

Netflix Adds 4.4M New Subscribers in Third Quarter, Surpassing Projections

BY J. CLARA CHAN | HollywoodReporter.Com

Troy Warren for CNT #Digital #Business

The streaming giant projected it would add 3.5 million new subscribers in Q3.

Netflix added 4.4 million new subscribers in the third quarter of 2021 for a total of 214 million paid subscribers.

The subscriber adds surpass Netflix’s modest projections that it would add 3.5 million subscribers in Q3. Last quarter, the company saw its total subscriber base increase by 1.5 million, though Netflix lost around 400,000 subscribers in the U.S. and Canada. In Q1, the company failed to meet its projections, adding only 4 million new subscribers — 2 million short of its 6 million expectations.

Netflix has had a lackluster year for subscriber growth, though hit shows like Squid Game arriving at the end of the third quarter may speak to the “backweighted” 2021 slate that Netflix co-CEO and chief content officer Ted Sarandos referenced during the company’s Q2 earnings call.

The streaming giant isn’t limiting its ambitions to just shows and films, and Q3 proved to be an eventful quarter for Netflix acquisitions. Earlier this month, Netflix partnered with Walmart for a merchandising deal that will bring customers clothes, toys and other goods linked to popular Netflix shows. Last month, the streamer also acquired the Roald Dahl Story Company, with plans to create a “unique universe” based off the author’s much-loved stories like Charlie and the Chocolate Factory, Matilda, The BFG and Fantastic Mr. Fox. And on the heels of its Dahl deal, Netflix announced it had acquired the indie game developer behind Oxenfree, Night School Studio, as it continues its expansion into video games.

Tuesday’s earnings come during a period of unusual turmoil for the company, which is facing internal and public pushback from employees and viewers for its handling of Dave Chappelle’s latest comedy special, The Closer. On Wednesday, multiple trans Netflix staffers and allies are expected to participate in a virtual walkout to protest Sarandos’ defense of Chappelle and present a letter of demands to Sarandos. The walkout, in which participating staffers will refrain from doing any work for Netflix, will also coincide with a public rally, organized by the activist Ashlee Marie Preston, on Wednesday morning outside of Netflix’s building on Sunset Blvd.

According to a copy of the letter set to be presented to Sarandos and obtained by The Verge, Netflix’s trans employee resource group is asking Netflix to create a fund for non-binary and trans talent, revise internal processes for reviewing potentially harmful content, add disclaimers on shows with transphobic content and and acknowledge the harm Netflix has caused to the trans community, and particularly the Black trans community, among other requests.

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By Troy Warren

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