Netflix has added more than 5 million subscribers this summer and saw shares jump by over 5% as it announced its Q3 earnings.

The streaming giant now has a record 282.7 million subscribers. It cited a string of hits including “The Perfect Couple”, “Nobody Wants This” and “Emily In Paris” as key reasons for the growth.

In a letter to shareholders, Netflix said its ads membership was up by 35% quarter-on-quarter and said its ad tech platform was on track to launch in Canada in Q4 and more widely in 2025.

The streaming platform gave a positive forecast for Q4, predicting profit of £1.42bn ($1.85bn), up from £719.04m ($938m) last year.

It reiterated that it is focused on monetising its “growing ad inventory”, and highlighted that it had increased upfront ad sales commitments by 150% during 2023.

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It has cracked down on password sharing which saw its profits go up in Q1 of this year, with the firm registering a £1.85bn jump in that quarter, representing a 15% rise year-on-year.

It started the crackdown following a post Covid-19 slump as its shares dropped 11% in the first quarter of 2021.

Under continued pressure to show shareholders it has room for growth, Netflix raised prices  in Japan and parts of Europe as well as the Middle East and Africa. In the US and France it has phased out its basic subscription.

In the UK, Netflix raised prices in October 2023, with its basic service rising by £1 to £7.99, and the premium option going up by £2 to £17.99.

Other streaming services including Amazon Prime have tried to compete with Netflix by introducing their own ad-supported tiers.