Netflix has just announced its Q3
results, showing that the streamer added 2.2 million subscribers for the
quarter and reaching 195.15 million global subscribers in total by September
30. This quarter’s addition was slightly lower than the company’s estimated 2.6
The company noted that the
slowdown in growth was due to an incredibly strong first half of the year.
“We think this is primarily due to
our record first half results and the pull-forward effect we described in our
April and July letters,” Netflix wrote in a letter to shareholders. “In the
first nine months of 2020, we added 28.1 million paid memberships, which
exceeds the 27.8 million that we added for all of 2019. In these challenging
times, we’re dedicated to serving our members.”
Along with adding new subscribers, Netflix noted that retention remained high and the service saw an improvement in engagement throughout the quarter.
Netflix also acknowledged its
competition in the letter, saying that the company will continue to improve in
an effort to remain the go to service for great content.
“This past quarter, we saw the
debut of Comcast’s Peacock, which comes on the heels of the launch of HBO Max
and Disney+. Disney’s recent management reorganization signals that it is
embracing the shift to streaming entertainment. We’re thrilled to be competing
with Disney and a growing number of other players to entertain people; both
consumers and content creators will benefit from our mutual desire to bring the
best stories to audiences all over the world.”
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Source: Cord Cutters News