Netflix: Big hits reverse subscriber losses

Netflix has stopped losing customers, after struggling to hold on to them in the face of competition and pressures from the rising cost of living.

The streaming giant said it added 2.4 million households to its subscriber base over the July to September period.

That reversed the losses it suffered in the first half of the year after raising its prices in key markets.

Hits such as Stranger Things and Monster: The Jeffrey Dahmer Story helped draw viewers back to the site.

“After a challenging first half, we believe we’re on a path to reaccelerate growth,” the company said in a letter to investors on Tuesday.

The company said it expected to continue to add subscribers in the coming months. It is also rolling out a number of changes intended to restore its fortunes, including launching a less expensive option with adverts next month.

That news comes a day after the company said it had created a way to transfer users’ profiles along with viewing histories and preferences, to new accounts, so personalized settings would not be lost.

Analysts said the changes should help the company make more money. But many remain doubtful that the firm – already a mainstay of households in many countries – has much more room to grow, especially in core markets such as the US, where much of the competition has also seen subscriber growth plateau in recent months.