Industry News

Netflix still confident despite new rivals and slowed growth

22 July, 2021

In Q2, Netflix added 1.5 million new subscribers, slower growth after a peak at the height of the COVID-19 pandemic. But the company isn’t worried, telling investors that it is “mostly competing with ourselves to improve our service as fast as we can.” “If we do that, we’re confident we can maintain our strong position and continue to grow nicely as we have been for the past two-plus decades,” Netflix said, adding that it doesn’t view any particular assets as “must-have,” and that consolidation isn’t impacting its growth. Meanwhile, the company is facing new competitors in the streaming space.

The Wall Street Journal reports that Netflix said it has 209.2 million subscribers globally. Netflix’s position is “the opposite of the rest of the entertainment industry, which is in a frantic phase of deal-making in the hopes of assembling content giants that can be formidable rivals to Netflix.”

For example, AT&T and Discovery “agreed to combine their media operations into a new standalone company whose assets will include HBO Max, CNN, Discovery+ and the Warner Bros. movie and TV studios.” Amazon also acquired MGM for $6.5 billion to use its library and intellectual property for Prime Video. NBCUniversal parent Comcast and ViacomCBS have also discussed a streaming partnership, according to sources.

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