During its Q3 report Netflix announced that it not only crushed, but obliterated investor’s estimates for the number of subscribers it would add this quarter, adding nearly 7 million new subscribers during the period. This number is higher than the company itself expected and brings the total number of subscribers the company has to more than 137 million, according to official documents.
The company needed to beat estimates this quarter to keep Amazon Prime Video, Hulu and Disney’s highly-anticipated streaming service, which is set to launch by the end of 2019 at bay. Netflix failed to meet its Q2 subscriber estimates of 1.23 million domestically and 5.11 internationally, adding only 670,000 and 4.47 million respectively, and needed to make up for the missed targets.
Netflix net paid subscriptions, in thousands
Though the company didn’t credit any specific region for the growth in subscribers, additions in India could have played a role in the boost with a spike in mobile app downloads, reports Yahoo! Finance. Just this summer, the company launched its first series, Sacred Games, in the country and due to reception of the series, the company faced a probe.
Netflix is, globally, one of the biggest subscription services on the market, with Amazon Prime having only 70 million subscribers. Internal documents from the company show that there are only 26 million people who watch the available content on the company’s service, according to Reuters.
The increase in subscribers comes at a time when the company has announced that it will have more than 1,000 original shows and movies on the platform by the end of the year. More than 90 percent of subscribers watch the original content, though the term can mean content licensed from other studios, co-produced series and series that are self-produced by Netflix, of which it is trying to do more of. This exclusive and original content is so important because it’s what drives users to the service — and is what sets Netflix apart from the rest of the video streaming services on the market.
In the UK it is clear that there is an appetite for these services, which have seen their signup numbers surpass those of paid TV providers like Sky, BT and Virgin Media. In Q2 2018 there were 15.4 million subscribers to Netflix, Amazon and Sky’s services, while the total number of subscribers to pay-TV services numbered 15.1 million, a Ofcom report said.