Netflix's Subscriber Base Swelled by more than 500% in a Decade and Hit 277 Million in Q2 2024

Despite the steady rise in its prices, the number of people subscribing to Netflix services has snowballed over the years, helping the streaming giant to build an impressive user base. According to data presented by Stocklytics.com, Netflix’s subscriber base has swelled by more than 500% in the past decade, reaching 277 million users in Q2 2024.

2024 is on Track to Become a Record Year for Netflix Subscriber Growth

The price of Netflix subscription plans has skyrocketed over the past decade. As of October last year, when the last price increase occurred, Netflix users pay $11.99 instead for the basic plan, nearly 35% more than back in 2014. The premium account now costs $22.99, practically twice the price users paid ten years ago. While analysts expect a new price increase in 2024, that doesn’t affect Netflix subscriber growth, which accelerated in the past two years.

For instance, in 2014, Netflix added 8.3 million new subscribers, bringing their total number to nearly 55 million. Two years later, the number of new subscribers more than doubled to over 18 million, pushing the total user count to almost 90 million. In 2020, amid the lockdowns, Netflix added a staggering 36.5 million new subscribers, the highest number in the platform’s history, reaching over 200 million users that year.

After a significant slowdown in 2021 and 2022, with the streaming giant adding 18.1 million and 8.9 million subscribers, respectively, Netflix subscriber growth gained momentum last year. According to the official company data, nearly 30 million new users started paying Netflix subscriptions last year, turning 2023 into one of the best years for the streaming giant’s subscriber growth.

The strong momentum continued in 2024, with another 17.3 million users flocking to the streaming platform in the first half of the year and pushing the total user count to 277 million. If this trend continues in the second half of the year, 2024 could become one of the best years for Netflix subscriber growth.

Netflix Grossed Over $207 Billion in the Past Decade

Netflix’s strong slate of original programming and continued password-sharing crackdown helped It enjoy its strongest start to a year since 2020. After delivering solid results in 2023, the company beat analysts’ expectations, reporting better-than-expected revenue and net income in the first six months of 2024. Between January and June, the streaming giant grossed $18.8 billion, or 16% more than in the same period last year, pushing its ten-year revenue to impressive highs.

Since 2014, the streaming giant has grossed over $207 billion due to its ever-growing subscriber base. The impressive subscriber and revenue growth have helped the company to add more than $238 billion to its stock value in this period. Last week, Netflix’s market cap amounted to $255 billion, up from roughly $17 billion ten years ago.