In a move which may not prove surprising to those clued up on the streaming industry, Netflix has recently revealed its weakest subscriber increase in four years.
The reasons behind this slow in growth have been attributed to more services heading onto the market – such as Disney Plus, Apple TV+, HBO Max and Peacock from NBCUniversal – as well as pandemic lockdowns easing up and live sports making a comeback.
Although Wall Street had estimated they would gain 3.4 million in the quarter which ended on September 30, they only gained 2.2 million paid subscribers globally. Furthermore, they missed the consensus earnings per share forecast of $2.14, coming in at $1.74 instead.
In contrast, Netflix added a jaw-dropping 15.8 million paid subscribers between January and March, as households were forced to stay at home due to global COVID-19 lockdowns and restrictions.
Recent third quarter releases include Emily in Paris, Enola Holmes and The Devil All The Time, but Netflix has acknowledged that their competition has become stronger – especially with Disney recently refocusing its business to prioritise its new streaming branch.