Netflix Adds 5.3 Million Subs In Q3, Beating Forecasts (variety.com) 70
Netflix shows no signs of slowing down. The company announced its third quarter results, adding more subscribers in both the U.S. and abroad than expected. Variety reports: The company gained 850,000 streaming subs in the U.S. and 4.45 million overseas in the period. Analysts had estimated Netflix to add 784,000 net subscribers in the U.S. and 3.62 million internationally for Q3. "We added a Q3-record 5.3 million memberships globally (up 49% year-over-year) as we continued to benefit from strong appetite for our original series and films, as well as the adoption of internet entertainment across the world," the company said in announcing the results, noting that it had under-forecast both U.S. and international subscriber growth. Netflix also indicated that its content spending may be even higher next year than previously projected. The company had said it was targeting programming expenditures of $7 billion in 2018; on Monday, Netflix said it will spend between $7 billion and $8 billion on content (on a profit-and-loss basis) next year. For 2017, original content will represent more than 25% of total programming spending, and that "will continue to grow," Netflix said.
