By Netflix held their Q3 earnings for investors yesterday and doubled down on the streamer’s commitment to avoid theatrical runs of their films.
The company’s Q3 2024 results beat analyst forecasts, adding 5.1 million paid subscribers and rising its total subscriber numbers up to 282.72 million globally – year-over-year growth of more than 14%. Netflix is forecasting revenue of $43-44 billion next year, up 11-13%.
Netflix co-CEO Ted Sarandos made it clear he’s very happy with what they have in place right now – namely short theatrical runs for its original movies – and he sees no reason to change that:
“I’m just going to reiterate: We are in the subscription entertainment business, and you can see in our results, it’s a pretty good business. It appeals to a very large segment of consumers and fans.
Our top 10 films that premiere on Netflix all have over 100 million views, among the most-watched films in the world. It’s our desire to keep adding value to our consumers for their subscription dollar. We believe that not making them wait for months to watch the movie that everyone’s talking about adds that value.
What we do for filmmakers is we bring them the biggest audience in the world for their films, and then we help them make the best films of their life. That could be any one of the nine Best Picture nominee films that we’ve released so far, or it could be any of those top 10 films that are as big as billion dollar box office movies. So I’m sure that we can continue to pierce the zeitgeist and have those moments in the culture, even when those moments begin on Netflix.”
The comments come as recent reports have indicated about some pushback from talent. Filmmakers Greta Gerwig and Emerald Fennell have reportedly tried to get Netflix to bend on its theatrical rules, joining others who have criticised the approach. Netflix isn’t budging, and its enviable economic numbers seem to be proving them right.
Source: Variety
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