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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Yes—Netflix added about 8 million subscribers in the second quarter of 2024. The precise figure was 8.05 million global streaming paid net additions, bringing total paid memberships to 277.65 million. The quarter ended June 30, and Netflix announced the results on July 18, 2024. The additions exceeded the company’s forecast of about 5 million.
What “8 million subscribers” means
Netflix’s official measure is paid net additions: the increase in paid memberships after accounting for both new sign-ups and cancellations during the quarter. It is not a count of gross sign-ups or unique individual viewers. “Subscribers” is familiar shorthand, but “paid memberships” is more precise. Netflix’s Q2 2024 shareholder letter reported 8.05 million net additions and 277.65 million memberships at quarter-end.
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The headline figure is rounded: Netflix reported 8.05 million, while its regional figures sum to 8.045 million before rounding. The company reported year-over-year paid-membership growth of 16.5% at the end of the quarter.
How the result compared with forecasts and earlier quarters
Netflix had forecast approximately 5.0 million paid net additions, so the actual result was about 3.05 million higher—roughly 61% above that forecast. Reuters, in a report syndicated by Investing.com, also described the result as ahead of analyst expectations; outside estimates are not the same as Netflix’s own guidance.
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| Period | Paid net additions |
|---|---|
| Q2 2023 | 5.89 million |
| Q1 2024 | 9.33 million |
| Q2 2024 | 8.05 million |
Q2 additions were higher than in the same quarter a year earlier, but lower than the immediately preceding quarter. The numbers support a strong quarter, not a claim that growth rose continuously.
Where the new memberships came from
Netflix’s Form 10-Q for the quarter ended June 30, 2024 reports the regional figures below. Additions are shown in millions; the filing reports them in thousands.
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| Region | Q2 2024 net additions | Year-over-year membership growth |
|---|---|---|
| United States and Canada | 1.451 million | 11% |
| Europe, Middle East and Africa | 2.235 million | 18% |
| Latin America | 1.530 million | 16% |
| Asia-Pacific | 2.829 million | 24% |
| Total | 8.045 million | 16.5% globally |
Asia-Pacific was both the largest source of additions and the fastest-growing region by percentage. EMEA contributed more new memberships than the United States and Canada. UCAN accounted for about 18% of the reported total; most additions came from outside that region. A membership in one market does not necessarily generate the same revenue as one in another, because plan prices and average revenue per membership vary by region.
Content, paid sharing and the ad-supported plan
Shows and events Netflix highlighted
Netflix’s investor letter pointed to a varied slate that included Bridgerton Season 3, Baby Reindeer, Queen of Tears, The Great Indian Kapil Show, Under Paris, Atlas, Hit Man and The Roast of Tom Brady. Netflix said the roast drew its largest live audience to that point. These are examples of titles the company highlighted, not a title-by-title accounting of new memberships. Neither Netflix nor the cited coverage assigned a specific number of additions to an individual show.
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- Give the gift of entertainment so your friends and family can stream unlimited films and Netflix original series. Whether your loved one already has a Netflix account or they will be creating a new account, they can use a Netflix gift card toward their membership.
- No credit card is required to redeem a gift code.
- Codes are applied to your account as a gift balance. Gift codes can be added to any plan, regardless of the amount.
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What can be said about password sharing
Netflix had been expanding paid-sharing measures in multiple markets. Reuters described the crackdown, alongside popular programming, as a contributor to growth. It is reasonable to say paid sharing may have helped convert some account borrowers into paying members, but Netflix did not disclose how many of the 8.05 million additions came from enforcement. The quarter’s result cannot be attributed to that policy alone.
What the ad-tier figure does—and does not—show
Netflix said ad-tier membership grew 34% quarter over quarter. Its shareholder letter did not give the absolute ad-tier membership count, so the growth rate cannot establish how many of the quarter’s net additions chose that plan. Management said advertising was growing but remained relatively small compared with subscription revenue. Netflix was developing its own advertising-technology platform, with testing planned in Canada during 2024 and a broader launch planned for 2025. Reuters reported management’s view at the time that advertising would not become a primary revenue-growth driver until at least 2026; that was an outlook, not a guarantee.
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- Give the gift of entertainment so your friends and family can stream unlimited films and Netflix original series. Whether your loved one already has a Netflix account or they will be creating a new account, they can use a Netflix gift card toward their membership.
- No credit card is required to redeem a gift code.
- Codes are applied to your account as a gift balance. Gift codes can be added to any plan, regardless of the amount.
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What the membership beat meant for Netflix’s finances
For the quarter, Netflix reported revenue of $9.559 billion, up 16.8% year over year; operating income of $2.603 billion; a 27.2% operating margin, compared with 22.3% a year earlier; net income of $2.147 billion; diluted earnings per share of $4.88; and free cash flow of $1.213 billion. The figures appear in the company’s shareholder letter and SEC-filed version.
Netflix said revenue growth was driven primarily by a 16% year-over-year increase in average paid memberships, along with pricing effects and foreign-exchange factors. Membership growth therefore mattered, but it did not translate mechanically into revenue or profit: markets and plans differ in price, advertising contributes differently from subscriptions, and operating results also reflect costs such as content, marketing and technology.
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- Unlimited movies, TV shows, and more. Watch anywhere. Cancel anytime.
- Give the gift of entertainment so your friends and family can stream unlimited films and Netflix original series. Whether your loved one already has a Netflix account or they will be creating a new account, they can use a Netflix gift card toward their membership.
- No credit card is required to redeem a gift code.
- Codes are applied to your account as a gift balance. Gift codes can be added to any plan, regardless of the amount.
- Redemption: Online
What Netflix forecast next
In July 2024, Netflix forecast Q3 revenue of $9.727 billion, 13.9% year-over-year revenue growth, operating income of $2.730 billion, a 28.1% operating margin, net income of $2.237 billion and diluted EPS of $5.10. These were the company’s forecasts at the time, not current guidance.
Netflix also expected Q3 paid net additions to be lower than in Q3 2023, when the first full quarter of paid-sharing effects had helped lift comparisons. That warning put the Q2 beat in context: strong additions did not mean the company expected the same pace to continue year over year.
The company’s July 18, 2024 earnings event page links to its investor materials. Netflix’s shareholder letter also listed a global paid-plan price range, converted to U.S. dollars, of $1–$31 per month and an extra-member subaccount range of $2–$8 per month as of June 30, 2024. Those are broad global ranges, not U.S. price lists.
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