Netflix continues to roll along. In its earnings report for the second quarter of 2017, the streaming service announced that it gained 5.2 million new subscribers between April and June, which far outdid its original projection for that period.
4.14 million of those new subscribers came from overseas territories, while the remaining 1.07 were domestic additions here in the US. Back in its first quarter earnings report, Netflix projected a subscriber bump of just 3.2 million new accounts in Q2, so it exceeded that goal by more than 62%. As a result of its big quarter, the streaming service saw its total revenue jump to $2.97 billion, which easily surpassed the $2.76 billion estimate laid down by investors.
As CNBC notes, Netflix’s explosive Q2 growth is an especially good sign given that the company often struggles during this period. Last year, for example, it had a weak Q2, which caused its stock to temporarily dip.
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The big driver for Netflix, as per usual, was content. Hits like House of Cards, Orange Is The New Black, and Master Of None (pictured above) all returned, and they were joined by a mountain of new programs. “The volume and breadth of our releases in Q2 exemplify our commitment to serve the desires of our diverse and growing audience,” Netflix wrote in its letter to investors. “We premiered 14 new seasons of global Netflix original series, 13 original 2 comedy specials, 6 original documentaries, 2 original documentary series, 9 original feature films and 7 seasons of original series for kids.”
Netflix’s good news will also assuage the fears of anyone — myself included — who wondered if the company’s increased number of original series cancellations were a portentous sign. Despite axing big-budget shows like The Get Down and Sense8, Netflix hasn’t missed a beat — at least not yet. “Sometimes those shows don’t attract as many viewers as we had hoped, compared to our other content,” the company wrote. “As much as we dislike ending a series early, it consoles us that it frees up investment for another new show, or two.”
Netflix will look to carry its momentum into Q3, when it estimates 4.4 million more new subscribers will join its ranks.
