In total, Netflix, known for popular series such as “The Crown”, “Bridgerton” and “The Queen’s Gambit”, gained more than 1.5 million paying customers from April to June. This growth is significantly lower than in previous years.
Netflix now has a total of just over 209 million customers worldwide, but in the first six months of the year it posted its weakest half-year figures since 2013. The company expects its third-quarter subscriber growth of approximately 3.5 million, but Wall Street experts had reckoned on more than 5.5 million.
The growth of new Netflix customers is much slower than last year, when people were glued to their homes due to the corona pandemic and looking for entertainment. More than 10 million new subscribers were added in the second quarter of 2020. Netflix also feels the rise of competing streaming services such as Disney+, Amazon Prime Video and AppleTV+. In addition, cinemas are open again, which also creates a headwind for Netflix.
Netflix’s figures and prospects disappointed investors as the share fell sharply in after-hours trading in New York. Netflix saw its revenue increase by 19 percent in the past quarter to more than $7.3 billion compared to a year earlier. Net profit was nearly $1.4 billion compared to $720 million last year.
–
