Netflix reveals that subscribers spend two hours a day on the platform.
It is likely that one hour will be devoted solely to browsing.
Netflix has reported that its subscribers spend an average of two hours daily on the platform, and the number of views in households has seen an increase compared to the previous year, according to the company's third-quarter earnings report. In recent months, the platform has performed remarkably, reporting revenues of $9.83 billion and an operating income of $2.91 billion. Additionally, it has added approximately 5 million new subscribers, reaching a global total of 282.7 million. Nearly half of the new subscribers in the third quarter of 2024 opted for the ad-supported plan.
Netflix states that it accounts for just under 10 percent of total television consumption in its largest countries. However, the company sees "a massive opportunity to increase that share" by continuing to provide more quality series and films. It has an exciting catalog of content lined up for the rest of the year and next, including the second season of Squid Game, the final season of Arcane, and an animated movie based on The Witcher.
In its letter to investors, Netflix emphasized that "programming for such a large and engaged audience, with so much variety and quality, is a challenge." This has led other streaming services, which lack its breadth of content, to seek to bundle their offerings. Netflix already presents itself as an extraordinary package of series and movies, both licensed and original, in addition to increasingly incorporating games and live events.
During an earnings call on Thursday, Greg Peters, co-CEO of Netflix, confirmed that the platform plans to implement the redesign it began testing last summer. "We are excited about the progress we've seen, so we are refining it," Peters said. "We are eager to bring that to our subscribers worldwide."
This will be one of the last occasions Netflix reveals how many subscribers it has added in a quarter, as it plans to stop these quarterly counts starting in 2025. With the growth of streaming services adding other sources of revenue such as advertising and paid account sharing, the subscriber count has become less relevant. Despite this, Netflix does not anticipate that advertising will become a "primary driver" of revenue growth next year, indicating that they are "scaling faster than our ability to monetize our growing advertising inventory."
