Stranger Things comes to Netflix’s rescue

The misadventures of Hawkins, Indiana helped Netflix survive a rocky quarter.

In their third-quarter earnings report, Netflix stated that approximately 64 million accounts watched Stranger Things.

“As we’ve improved the variety, diversity and quality of our content slate, member engagement has grown, revenue has increased, and we’re able to further fund our content investment,” a statement from the company read.

Netflix reported its global subscriber base to be 158.33 million and it added 6.8 million during the last quarter.

Netflix had projected 7 million new subscribers.

In the second-quarter, Netflix only signed on 2.3 million of its 5 million projected subscriber goal and lost 130,000 subscribers in the U.S. alone.

As far as the growing competition in the streaming wars, Netflix says it has the wide-variety of programming people are looking for.

“Many are focused on the ‘streaming wars,’ but we’ve been competing with streamers (Amazon, YouTube, Hulu) as well as linear TV for over a decade,” Netflix said. “The upcoming arrival of services like Disney+, Apple TV+, HBO Max and Peacock is increased competition, but we are all small compared to linear TV. While the new competitors have some great titles (especially catalog titles), none have the variety, diversity and quality of new original programming that we are producing around the world.”

Netflix is aiming to add 7.6 million subscribers globally next quarter.

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