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- Pakistan air strikes kill 46 in Afghanistan, Kabul says
- Liverpool host Foxes, Arsenal prepare for life without Saka
- Zelensky condemns Russian 'inhumane' Christmas attack on energy grid
- Sweeping Vietnam internet law comes into force
- Pope kicks off Christmas under shadow of war
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- Japan's top diplomat in China to address 'challenges'
- Thousands attend Christmas charity dinner in Buenos Aires
- Demand for Japanese content booms post 'Shogun'
- As India's Bollywood shifts, stars and snappers click
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- Djokovic eyes more Slam glory as Swiatek returns under doping cloud
- Australia's in-form Head confirmed fit for Boxing Day Test
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- US agency focused on foreign disinformation shuts down
- On Christmas Eve, Pope Francis launches holy Jubilee year
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- Panamanians protest 'public enemy' Trump's canal threat
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- Ecuador vice president says Noboa seeking her 'banishment'
- Leicester boss Van Nistelrooy aware of 'bigger picture' as Liverpool await
- Syria authorities say armed groups have agreed to disband
- Maresca expects Man City to be in title hunt as he downplays Chelsea's chancs
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- Global stocks mostly higher in thin pre-Christmas trade
- Bethlehem marks sombre Christmas under shadow of war
- 11 killed in blast at Turkey explosives plant
- Indonesia considers parole for ex-terror chiefs: official
- Postecoglou says Spurs 'need to reinforce' in transfer window
- Le Pen says days of new French govt numbered
- Villa boss Emery set for 'very difficult' clash with Newcastle
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- How Finnish youth learn to spot disinformation
- 12 killed in blast at Turkey explosives plant
- Panama leaders past and present reject Trump's threat of Canal takeover
- Hong Kong police issue fresh bounties for activists overseas
- Saving the mysterious African manatee at Cameroon hotspot
- India consider second spinner for Boxing Day Test
- London wall illuminates Covid's enduring pain at Christmas
- Poyet appointed manager at South Korea's Jeonbuk
- South Korea's opposition vows to impeach acting president
- The tsunami detection buoys safeguarding lives in Thailand
Netflix wins subscribers as ad strategy pays off
Netflix on Thursday said it added eight million new subscribers in the second quarter, as the home of hit shows "The Crown" and "Bridgerton" posted its latest financial earnings that exceeded analyst expectations.
The world's leading streaming video service said it ended the April-to-June period with a total of 277.7 million subscribers, as net profit dipped to $2.1 billion, but revenue surged to $9.6 billion.
The latest numbers rewarded Netflix's moves to boost revenue after a rough patch in 2022.
In a bid to boost sputtering growth, the company launched an ad-subsidized offering last year around the same time as a crackdown on sharing passwords.
As part of that effort, Netflix also got rid of its cheapest commercial-free plan in the UK and Canada, with expectations of further expansions.
In the United States, the company is also beginning to offer some users combined packages with its one-time rivals, making itself available through joint subscriptions with Peacock and Apple TV.
Netflix in May said its ad-supported tier reached 40 million monthly active users across the globe and accounted for 40 percent of all sign-ups in the countries where it was available, up from 23 million in January.
The company also launched an in-house advertising platform so that brands can better optimize its customer data, no longer partnering with Microsoft for that technology.
Investors have cheered on the moves, with Netflix shares gaining 38 percent since the beginning of the year -- though it has warned that growth in overall subscribers could slow throughout the course of the year.
A renewed warning on Thursday that the results could be lower than expected in the current quarter sent Netflix shares lower in after hours trading.
Still, Netflix is seen as reigning supreme over the video content market, with Disney+ still struggling nearly five years after a launch that featured a slew of new content from its blockbuster Marvel and Star Wars universes.
Netflix earned an industry-leading 107 nominations for the Emmys earlier this week, with 11 nods for its surprise hit, the black comedy "Baby Reindeer."
After the successful new season of "Bridgerton" earlier this year, upcoming shows include the eagerly awaited second season of "Squid Game."
The dystopian Korean horror tale about a fictional, deadly game show remains by far the most-watched Netflix TV series ever.
Analysts warned however that competition, at some point, could figure out how to challenge Netflix.
"The competition is starting to catch up to Netflix as the company's market dominance shows signs of waning," said Mike Proulx, vice-president at Forrester.
He noted a survey that showed the amount of monthly US users streaming from the platform had dipped, with the rivals seeing growth.
"This makes it all the more critical for Netflix to continue to double down on its ads business as a means to diversify and grow revenue," he added.
Netflix is also branching out into live entertainment and in the United States, with plans to broadcast two National Football League games for the first time.
T.Vitorino--PC