Netflix raises subscription price and adds new users, despite strikes

Advertisement

Netflix on Wednesday increased subscription prices for some of its plans in United States, France, and Britain, as it shattered the expectation of new customers, sending its shares 13% low.

The streaming platform surpassed the Wall Street analyst’s forecast of 6 million new subscribers, as it witnessed a whopping 9 million new subscribers in the third quarter. The OTT giant shared that it is expecting a similar number of expectations in the current quarter.

This proved that Netflix is thriving despite of Hollywood labor tensions which had halted major production of the country. A major part of its shows and movies is made overseas, which accounted for the bulk of its new-signups.

Advertisement

Netflix credited its recent success to its one of the latest additions ‘One Piece’, which is a Japanese manga series. The platform has also scored new users due to the long-running television series ‘Suits’.