Streaming giant Netflix has significantly increased its lead on its streaming rivals yet again. This time, to the tune of 8M new subscribers in Q2 of 2024. It seems its position as streaming’s most dominant platform is assured, at least for the near future. Brandon Blake, entertainment lawyer at Blake & Wang P.A., shares the news with us.
Increased Competitive Lead
Netflix has had an excellent run of late, managing to reverse its 2022 and 2023 woes significantly for one of the best turnarounds we’ve seen in recent years. The company currently has 277M active subscribers globally. This latest report will be one of the last we receive on direct subscriber numbers, with the company having recently announced it will not make these numbers (and the associated average revenue per user figures) public from Q1 in 2025.
The company also reported significant improvements in revenue ($9.56B in Q2) and operating income ($2.6B). Despite beating Wall Street predictions, however, its share price took a knock, based mainly on fears around slower growth in the future.
Looking Ahead for Netflix
Netflix predicts 14% revenue growth for the next quarter, although paid net additions will be lower than the same quarter last year, which benefited significantly from their paid sharing crackdown. They are also on the verge of launching a new subscriber website overhaul, which they claim will be the biggest update in the last 10 years. It will also bring some mobile-only features to their wider platforms. Netflix is currently targeting improving its share of TV time to help grow its goals.
Interestingly, Netflix also seems determined to resist the bundling trend we’ve seen work well for other streaming platforms. At least with other streaming platforms, though it remains open to deals with less direct competitors, such as mobile and Pay TV operators.
Film and Television 