The streaming company plans to spend $6 billion on original programming next year
The Upside Down helped turn Netflix subscriptions right-side up.
The streaming company’s new earnings report revealed Netflix had 86.74 million subscribers in the third quarter. That performance beat expectations and represented a perceptual turn-around for the company after surprisingly weak growth in its second quarter (which had 83.2 million members).
Netflix’s third quarter was aided by its slate of original programming — most visibly, the breakout popularity of Stranger Things. Revenue rose 31.7 percent to $2.29 billion.
Also, in some good news for subscribers (and bad news for the company’s TV network competitors), Netflix announced plans to boost its spending on content next year — to $6 billion, up from $5 billion this year. Netflix’s number of hours of original programming is expected to grow from 600 this year to 1,000 next year too.
Basically, none of us will ever be able to leave the house.