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NEW DELHI: American streaming platform Netflix will premiere Amitabh Bachchan-starrer Goodbye on 2 December. The film had released in cinemas early October and made Rs. 6.38 crore at the box office.

Netflix added nearly 2.4 million global subscribers in the September quarter, far higher than its estimates of 1 million. However, it pales compared to the 4.4 million it had added in the year-ago quarter. In the Asia-Pacific Region alone Netflix added 1.43 million new paying users.

Its revenue grew 19% (from $834 million to $889 million) in Q3, excluding foreign exchange, with average paid membership rising 23% (from 30.05 million to 36.23 million) year-on-year. Average revenue per member (ARM) was, however, was down 3%, partially driven by lower ARM in India, it said in a letter to shareholders. It clocked higher ARM in Australia and Korea.

“We’re done with shrinking quarters…we’re back to positivity. Everything the company is focusing on, whether on content, marketing, lowering prices for the ad supported model, paid sharing..lines us up for a good next year,“ Reed Hastings, co-chief executive officer, Netflix had said during the earnings call.

A strong dollar is a significant headwind, and the company is expecting revenue of $7.8 billion in the next quarter compared with $7.9 billion in July-September. The sequential decline was entirely due to the continued strengthening of the US dollar against other currencies, Hastings had said. “That’s not going to go away. But other than that, all the stars are lining up very well for us."

To be sure, Netflix may even consider increasing its $17 billion annual budget. “Both the scope and scale, as well as the range and the cadence of hits is improving. I feel better about that $17 billion of content spending and we have to be better at getting more impact per $1 billion spending than anybody else. I think we’re spending at the right level. And as we reaccelerate revenue we’ll revisit that number, but we’re a pretty disciplined bunch,“ co-chief executive officer and chief content officer Ted Sarandos had said during the earnings call.

ABOUT THE AUTHOR

Lata Jha

Lata Jha covers media and entertainment for Mint. She focuses on the film, television, video and audio streaming businesses. She is a graduate of the Columbia School of Journalism. She can be found at the movies, when not writing about them.
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