The streaming giant, Netflix (NASDAQ:NFLX), announced an increase in the prices of its subscriptions in the US, France and the United Kingdom. This increase follows a remarkable third quarter, where the company added an astonishing 8.76 million new subscribers, bringing its total base to 247.2 million. Management attributed this expansion to captivating content and measures to crack down on account sharing. In response to its continued success, Netflix shares rose as much as 9% to a peak of $388.63 in after-market trading.

In the third quarter, Netflix reported earnings of US$3.73 per share, above the US$3.49 expected, according to LSEG. Revenue was, coincidentally, US$8.54 billion, in line with expectations. Total subscriptions of 247.15 million surpassed expectations of 243.88 million.

Market analysts feared that the strategy of discouraging account sharing would lead to a drop in subscribers. However, this strategy resulted in an influx of new subscribers without a corresponding spike in drop-offs.

Driven by the success of its paid sharing strategy, which offers extra access to friends or family, Netflix decided to adjust prices in its most influential markets. In the US, the premium plan price will increase to $23, while the basic plan will cost $12. Similar changes will be implemented in the UK and France.

The company experienced the greatest growth in regions such as Europe, the Middle East and Africa, with almost 4 million new subscribers in this quarter alone.

However, Netflix remains cautious for the next quarter, projecting revenue and profits slightly below expectations.

To combat years of stagnant growth, Netflix has stepped up its efforts to curb account sharing and launched an ad-supported version of its service in 12 countries. Approximately 30% of new subscribers in such markets opted for the ad-supported version.

While many streaming competitors such as Walt Disney Co (NYSE:DIS), Warner Bros. Discovery Inc (NASDAQ:WBD) and Paramount Global (NYSE:PGRE) face financial challenges, Netflix continues to thrive.

The disruption to work in Hollywood had a positive impact on the company’s cash flow, but did not affect its release schedule. Standout shows in the quarter included “Virgin River,” “Heartstopper” and the popular adaptation of “One Piece.”

Netflix’s biggest hit, however, was the series “Suits,” previously shown on the USA Network, which became the most-watched show over the summer.

In a message to shareholders, Netflix said: “Our disciplined approach and long-term vision have been key to building a robust and enduring streaming business.”