Industry News

Netflix blames pandemic as it misses growth forecasts

19 July, 2021

Netflix missed its growth forecasts in the last quarter, blaming a post-lockdown decline in interest in the streaming service and a Covid-related slowdown in new productions.

The company added 1.54 million new subscribers, below the 1.75 million analysts had expected and a fraction of the 10 million it added in the second quarter a year earlier, when much of the world was in lockdown.

Covid had created some “lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through”, the company said in a statement.

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