Netflix Adds 9M Subs in Q3, Raises Prices as Reed Hastings Named Executive Chairman

By Brad Pareso 

Netflix added 9 million subscribers in the third quarter and saw a year-over-year increase in revenue despite strikes by Hollywood writers and actors that brought the entertainment industry largely to a standstill. (NYT)

Netflix brought in $8.54 billion of revenue during the three-month period ending Sept. 30 and $3.73 earnings per share. (Forbes)

The company said its ad tier membership was up “almost 70% quarter-over-quarter,” but it did not specify how many ad-supported subscribers it actually has. It did disclose that roughly 30% of sign-ups in the 12 countries where its ads plan is available are to the ads tier. (Axios)

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The streaming giant hiked the monthly price of its basic plan to $12 from $10 and its premium plan to $23 from $20. Netflix’s $7 ad-supported plan will still cost $7 a month. (USA Today)

Netflix announced Thursday that its founder, Reed Hastings, is stepping down as co-CEO at the company and will serve as executive chairman. Hastings will be replaced by co-CEOs Ted Sarandos and Greg Peters. (CNN)

After years of keeping viewing data under lock and key, streamers have become a little more open about sharing numbers publicly in the past two years. Sarandos says he expects that trend to continue—and also defended the earlier practice as a part of a “promise” to the company’s creative partners. (THR)

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