Netflix has started investing in live sports to attract more money for the streamer
The streaming giant reported it added roughly 8 million subscribers worldwide, doubling Wall Street expectations.
Netflix, additionally, said it saw a 34% increase in memberships for its new ad-supported tier compared to Q1. The company increased its full-year 2024 revenue growth projection to 14%–15%, up from the prior 13%–15%.
But the streamer saw a decline in after-hours trading likely due to Netflix projecting a future slowdown in subscriber growth as it is facing saturation in the United States. As a result, starting next year, the company will focus on revenue and stop reporting subscriber numbers.
The platform has also started investing in live sports to attract more money for the streamer.
The company is also looking to boost its advertising business. It would also launch its own ad platform by 2025 and no longer partner with Microsoft.