Fewer New Netflix Subscribers in Third Quarter
In the third quarter, Netflix attracted 2.2 million new subscribers. That was considerably less than in the first two periods when many people turned to the video streaming service due to the coronavirus.
Netflix had already warned that the massive influx of new subscribers could not continue, but analysts had expected better results.
Nevertheless, more people subscribed to Netflix in the first nine months of this year than in the whole of last year: 28.1 million against 27.8 million. The total number of paid subscriptions at Netflix was 23.3 percent higher than a year earlier.
For the current quarter, Netflix predicts that six million new subscribers will be added. The company expects the increase in customers to return to average growth next year, provided the world has recovered from the corona pandemic.
In recent months, Netflix has been able to re-record more productions. The new seasons of Stranger Things and The Witcher are being played also. Last quarter, films like The Old Guard with Charlize Theron and Enola Holmes with Millie Bobby Brown as the sister of sleuth Sherlock Holmes were popular.
The disappointing figures immediately had an impact on Netflix’s share. After the market, that lost about six percent.