Netflix has gained 9million new subscribers since its crackdown on password sharing and recent price hikes of its lowest-paying tier. 

The streaming giant saw its number of users grow by more than 10 percent to 247 million in the recently ended third quarter. 

In a Wednesday earnings report, the streaming giant revealed its ad-supported offer was gaining popularity with the number of members increasing nearly 70 percent in the quarter.

The company reported a profit of $1.68billion on revenue of $8.5billion in the quarter, beating market expectations with its earnings figures. 

The growth comes as Netflix has hiked its lowest tier plan without advertising, which is not available to new members, from $9.99 to $11.99. 

Netflix has gained 9million new subscribers following its crackdown on password sharing between users in different households

The streaming giant, led by co-CEOs Greg Peters and Ted Sarandos (pictured), saw its number of users grow by more than 10 percent to 247 million in the recently ended third quarter

In a Wednesday earnings report, Netflix revealed its ad-supported offer was gaining popularity with the number of members increasing nearly 70 percent in the quarter. Pictured: Cast from Netflix hit Stranger Things 

Netflix’s crackdown on password sharing has helped it add new subscribers at a rapid pace. 

It reported almost 6million new members in the last quarter – on top of 3million before that – after the Silicon Valley giant in May expanded its ban on users sharing passwords with people beyond their immediate family.

Netflix introduced this policy in a bid to shore up revenue after a rough period. 

‘The last six months have been challenging for our industry given the combined writers and actors strikes in the US,’ the company said in its quarterly shareholder letter.

‘While we have reached an agreement with the WGA, negotiations with SAG-AFTRA are ongoing. 

‘We’re committed to resolving the remaining issues as quickly as possible so everyone can return to work making movies and TV shows that audiences will love.’

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It has complained that more than 100 million households were sharing accounts.

To convert non-paying users, Netflix has introduced ‘borrower’ or ‘shared’ accounts, where subscribers can add extra viewers for a higher price or transfer viewing profiles to new accounts.

In a separate bid for revenue, Netflix launched an ad-subsidized offering around the same time as the crackdown and later eliminated its lowest-priced ad-free plan that cost $10 a month in the US.

The company is now rolling out price increases for consumers in the US, UK and France from Wednesday.

Its basic plan in the US will rise from $9.99 to $11.99 and its premium plan is now $22.99, up from $19.99. 

The company reported a profit of $1.68billion on revenue of $8.5billion in the quarter, beating market expectations with its earnings figures 

It reported almost 6million new members in the last quarter – on top of 3million before that – after the Silicon Valley giant  in May expanded its ban on users sharing passwords with people beyond their immediate family. Pictured: A scene from Netflix hit The Crown 

Netflix introduced its password crackdown policy in a bid to shore up revenue after a rough period. Pictured: Cast from its award-winning series Orange is the new Black 

Although the plans with ads, which costs $6.99, and the standard plan, which costs $15.49, will remain unchanged.

In the UK and France, the ad and standard plans remain the same but the basic plan will increase to £7.99 and €10.99 and the premium plan will rise to £17.99 and €19.99. 

‘While we mostly paused price increases as we rolled out paid sharing, our overall approach remains the same — a range of prices and plans to meet a wide range of needs, and as we deliver more value to our members, we occasionally ask them to pay a bit more,’ Netflix said in its third-quarter shareholder letter.

Netflix, led by co-CEOs Ted Sarandos and Greg Peters, went through an important third quarter as it introduced its password-sharing crackdown in new countries and launched expansions of its advertising tier.

Ad sales executive Peter Naylor announced on Tuesday that brands would be able to sponsor individual shows and offer sponsorships for live events.

Netflix has projected its revenue will rise to $8.7billion in the next quarter but its net income to fall to $956million.