Netflix ad tier subs up 34%
July 19, 2024

Netflix has reported that its advertising-supported memberships grew 34 per cent during the second quarter compared to the year-earlier period.
The SVoD operator’s paid memberships rose 16.5 per cent year over year to 278 million. This marks one of the last updates Netflix will release regarding its membership numbers.
The streamer said its ad-supported memberships grew 34 per cent during the period compared to the same quarter last year.
Earnings per share were $4.88 (€4.38), with 277.65 million global paid memberships.
Revenue was some $9.6 billion, up 17 per cent compared to the year-earlier period, driven primarily by the increase in average paid memberships.
Netflix said it now expects full-year reported revenue growth of 14 per cent to 15 per cent , compared with previous guidance of 13 per cent to 15 per cent.
The company reported net income of $2.15 billion, or $4.88 per share, up from $1.49 billion, or $3.29 per share, during the second quarter of 2023.
Netflix warned investors when reporting its Q1 numbers that it would stop providing quarterly membership numbers or average revenue per user beginning in 2025, noting the company is “focused on revenue and operating margin as our primary financial metrics — and engagement (i.e. time spent) as our best proxy for customer satisfaction.”
Netflix also revealed that it would continue with live events coverage. “We’re in live [TV] because our members love it, and it drives a ton of engagement and a ton of excitement … and the good thing is advertisers like it for the exact same reason,” said Netflix co-CEO Ted Sarandos on Netflix’s earnings call.