Netflix gained over two million subscribers, which exceeds the new user expectations of the giant video streaming service.

The subscriber gain of the renowned streamer comes ahead of its plan to crack down on password-sharing.

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In this illustration photo taken on July 19, 2022 the Netflix logo is seen on a TV remote in Los Angeles.

Netflix Gains Over 2 Million Subscribers

As per the latest report by NBC News, the home of hit Korean thriller Squid Game, Netflix, saw an additional 2.4 million subscribers in the last three months.

The news outlet notes that the streaming service has been grappling with a bleak trend in the first and second quarters of 2022. It is worth mentioning that it is also the first time that the tech giant lost its subscribers.

So while Netflix has been releasing new hit series and movies from Hollywood stars like Adam Sandler, it still struggled to gain new subscribers in the first half of the year.

But this time, it looks like Netflix has successfully reversed its gloomy subscriber trend for 2022. For the third quarter (Q3) of 2022, the streamer gained double the subscribers that it was expecting.

The streaming service confirmed its new subscriber count figures during its recent third-quarter results report, according to a news story by CNET. The tech giant also went on to disclose that it holds roughly 223.09 million subscribers during the July to September period thanks to its new users.

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This illustration picture taken on July 24, 2019 in Paris shows the logo of the US Online Streaming giant Netflix logo application on the screen of a tablet.

NBC News reports where the new subscribers of Netflix are coming from. It turns out that about 1.4 million users are from the Asia and Pacific region, whereas only a hundred thousand are from the North American region.

The giant streamer admits that it only expected to gain roughly a million new subscribers from July to September. But the results are twice what the tech firm foresees.

Read Also: Netflix Opens Internal Game Studio in Finland - Original Games with No Ads and No In-App Purchases

Netflix vs. Rival Streaming Services

Apart from the additional users, the streamer also reports that the tech behemoth remains profitable from an annual perspective. It further revealed that its rival streaming services are now losing "well over $10 billion.

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The Netflix logo is seen on the Netflix, Inc. building on Sunset Boulevard in Los Angeles, California on October 19, 2021.

On top of that, Netflix also boasted that it still takes around 7.6% slice of the pie in overall TV time. Meanwhile, the home of Stranger Things notes that its TV time share is roughly 2.6 times better than what Amazon Prime Video holds.

The streamer believes it is now "on a path to reaccelerate growth."

Related Article: Netflix Debuts 'Profile Transfer' to Bring to Others' Accounts-Still Wary of Password Sharing

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Written by Teejay Boris