In 2020 Netflix was one of the big winners from the pandemic as the streaming service soared to more than 200m paid subscribers. Now, with lockdowns ending and the world opening up again, it is suffering from Covid-related “lumpiness” as membership growth slows.
The California-based company missed its growth forecasts in Q2 2021 and only added 1.54m new subscribers. This was below the 1.75m that analysts had predicted and “a fraction of the ten million it added in the second quarter last year”, The Guardian reports.
In Q2 Netflix’s revenues increased by 19% year-on-year to $7.3bn (£5.35bn), while operating income rose 36% year-on-year to $1.8bn (£1.3bn). It also finished the quarter with more than 209m paid memberships, slightly ahead of forecast, and received 129 Emmy nominations for hit shows such as The Crown, Bridgerton and The Queen’s Gambit.
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