Netflix growth slows down
By Sarah Wood | 21st October 2020
Tiger King might have helped get many people through lockdown, but the growth of streaming giant Netflix is slowing.
The company delivered fewer subscribers than expected in the three months to September 30 as the return of live sport and an increase in competition slowed its growth, as reported by Sky.
Netflix added 2.2 million new subscribers during the three month period, significantly lower than the 3.4 million predicted. Profits were up £610m from £514m in the same period last year.
Competition to the firm is growing, with the launch of the Disney+ streaming service and HBO Max in the US.
Netflix said it expects fluctuations in demand from one quarter to the next and expects growth to continue in the long run.
Copyright 2020 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.