When you have it you just have it. And Netflix definitely has “it.”
The streaming service has been pumping out hit after original hit, firmly establishing themselves as a top contender for the future of television. And after adding 3.57 million new subscribers during the third quarter, their foothold in the online TV market is even stronger.
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Netflix had projected adding only 2.3 million new subscribers for Q3, and investors were more than thrilled when they crushed that number. The resulting bullish buying trend sent the company’s stock soaring up more than 21 percent during after-hours trading on the Nasdaq.
The injection of cash comes at an important time for Netflix, who is raising its prices to accommodate the goal of a 50-50 original and licensed content database.
Netflix ended Q3 with a total of 83.3 million paid subscribers. While Q3 was a successful quarter, Q2 saw a hit in growth after the online TV provider hiked up its prices.
But Q3 brought Netflix more than just a fresh batch of new subscribers. The streaming service also passed another milestone by hitting over $2 billion in revenue for the first time.
Much of Netflix’s growth can be attributed to their global push. As they spread out into the world and tap into more markets, their user base will continue to grow. Netflix has their eyes set on China next, but is also integrating into linear TV via Comcast’s X1 service.
If Netflix can keep up the momentum, continue adding new subscribers and new original content, they may truly end up becoming the future of television.
