The streaming service now has to compete with Disney Plus and HBOMax for subscribers.
Netflix’s subscriber growth has seen a slump in Q3 2020 with only 2.2 million new subscribers added in the period. To compare, Q1 2020 had seen 16 million new subscribers come on board and Q2 2020 saw 10 million.
The platform’s worldwide subscriber count currently stands at 193 million. At “last count”, Disney Plus (that competes with Netflix) had 60 million subscribers. In terms of quarterly revenue, Netflix seems to have performed fairly well with $6.43 billion earned, against a projected $6.38 billion.
Netflix estimates that the slower subscriber growth could be due to its “record first-half results”. The slowdown in subscriber growth has occurred in the period that saw lockdowns being relaxed and people stepping outdoors.
[3 minute read]