With the rise of all kinds of streaming services popping up the last year including Disney+, Peacock, HBO Max, and Apple TV+ you would think that Netflix would be taking a hit. But it looks like the streaming giant has is not doing too bad as far as subscribers.
According to Variety, Netflix brought in over 10 million new subscribers during the second quarter of 2020. This brings their total number of paid members to a whopping 193 million. The majority of these new members came from the U.S. and Canada, which was 2.94 million people. Not far behind was Europe with 2.75 million subscribers.
BUT… yes there is a but, despite the rise in membership, their stock still dropped yesterday. This is due to a low subscriber forecast for the third quarter as well as some reported financial losses. Due to the current global situation, the streaming giant did end up spending less as projects have been pushed back.
“We expect less growth for the second half of 2020 compared to the prior year,” Netflix said in its quarterly shareholder letter.“As we navigate these turbulent circumstances, we’re focused on our members by continuing to improve the quality of our service and bringing new films and shows to people’s screens.”
Netflix has been in the streaming business for longer than most if not all. If there is anyone who has been able to adapt to changing times, it’s Netflix. Their recent focus on original content has helped keep viewers interested. It will be interesting to see what their numbers look like by the end of the year.
What’s your favorite series or film to watch on Netflix? Let us know in the comment section below!
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