Netflix posted its third-quarter earnings on Thursday and beat Wall Street forecasts for both subscribers and total revenue. Meanwhile, analysts are predicting that the streaming giant will raise its prices soon.
Netflix’s revenue for the third quarter was $9.825 billion, slightly more than the $9.769 billion analysts had predicted. The company also added 5.1 million subscribers, more than the 4 million additional users expected by investors.
“Engagement, our best proxy for member happiness, remains healthy,” the report notes. “In all the first three quarters of 2024, the viewing hours per member among the owner families (a clear view of the discussion habits after the introduction of paid sharing) increased year by year.”
Related: Netflix Updates Its Famous Employee ‘Final Test’ In New Culture Memo – Here’s What Changed
Netflix currently has more than 600 million users and each person spends about two hours a day on the platform, according to the report.
Will Netflix Raise Prices in the US?
Thursday’s earnings report may not mean subscribers will avoid price hikes. The broadcaster is raising prices in Spain and Italy on Friday, and analysts at investment firms including Oppenheimer & Co. they said before the earnings release that price increases may be on the way for US consumers as well.
Netflix currently costs $6.99 per month for the standard plan with ads, $15.49 per month for the standard plan with up to two devices for simultaneous viewing, and $22.99 per month for the premium plan that supports up to four devices.
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