Despite the steady rise in its prices, the number of people subscribing to Netflix services has snowballed over the years – helping the streaming giant to build an impressive user base, according to Stocklytics.com.
New research from the research group says that Netflix’s subscriber base has swelled by more than 500% in the past decade, reaching 277-million users in Q2 2024.
Stocklytics says the price of Netflix subscription plans has skyrocketed over the past decade. As of October last year, when the last price increase occurred, Netflix users pay $11.99 for the basic plan – nearly 35% more than back in 2014. The premium account now costs $22.99, practically twice the price users paid 10 years ago.
And, while analysts expect a new price increase in 2024, that doesn’t seem to affect Netflix subscriber growth which has continued to accelerate in the past two years.
For instance, in 2014, Netflix added 8,3-million new subscribers, bringing their total number to nearly 55-million. Two years later, the number of new subscribers more than doubled to over 18-million, pushing the total user count to almost 90-million. In 2020, amid the lockdowns, Netflix added a staggering 36,5-million new subscribers – the highest number in the platform’s history – reaching over 200-million users that year.
After a significant slowdown in 2021 and 2022 – with the streaming giant adding 18,1-million and 8,9-million subscribers respectively in those years – Netflix subscriber growth gained momentum last year. According to official company data, nearly 30-million new users started paying Netflix subscriptions last year, turning 2023 into one of the best years for the streaming giant’s subscriber growth.
The strong momentum continued in 2024, with another 17,3-million users flocking to the streaming platform in the first half of the year and pushing the total user count to 277-million. If this trend continues in the second half of the year, 2024 could become one of the best years ever for Netflix subscriber growth.
Netflix’s strong slate of original programming and continued password-sharing crackdown helped It enjoy its strongest start to a year since 2020.
After delivering solid results in 2023, the company beat analysts’ expectations reporting better-than-expected revenue and net income in the first six months of 2024. Between January and June, the streaming giant grossed $18,8-billion, or 16% more than in the same period last year, pushing its 10-year revenue to impressive highs.
Since 2014, the streaming giant has grossed over $207-billion due to its ever-growing subscriber base. The impressive subscriber and revenue growth have helped the company add more than $238-billion to its stock value in this period.
Last week, Netflix’s market cap amounted to $255-billion, up from roughly $17-billion 10 years ago.