After losing over 770,000 paid subscribers in Europe during Q2 2022, Netflix has seen its numbers bounce back in the last quarter, with an increase of 568,000 across the territory.
Worldwide, the company reported 2.41 million net new paid subscribers in Q3, which means their global subscriber base is now 223.1 million.
Netflix said it expects to gain a further 4.5 million news subscriptions in Q4, compared to 8.3 million in the same quarter last year.
The streamer will launch its new advertising-supported tier in 11 countries on 3rd November, including the UK, Germany, Italy, Spain and the United States.
“While we’re very optimistic about our new advertising business, we don’t expect a material contribution in Q4 2022 as we’re launching our Basic With Ads plan intra-quarter and anticipate growing our membership in that plan gradually over time,” the company said in its Q3 letter to shareholders.
Revenue expanded by nearly 6 per cent to $7.92 billion in Q3, beating the anticipated $7.85 billion.
