Netflix added eight million new subscribers in Q2, reaching 277.7 million total, with revenue surging to $9.6 billion. It launched an ad-subsidized option to counter growth challenges and new combined packages with competitors.
The ad-supported tier attracted 40 million users globally, contributing 40% of sign-ups where available. Netflix dropped its Microsoft partnership for an in-house ad platform to optimize customer data.
Investors have responded positively to Netflix's moves, with shares up by 38% in 2022. However, a warning of potential slower subscriber growth led to a drop in after-hours trading post its latest financial results.
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