Netflix added a flood of new subscribers amid the coronavirus pandemic and also offered clues to a possible successor for founding CEO Reed Hastings.
The increase announced Thursday with Netflix’s second-quarter earnings eclipsed the gain of 8.3 million subscribers projected among analysts polled by FactSet. Netflix ended June with 193 million worldwide subscribers, including 70 million in the U.S. and Canada, its largest geographic market.
Netflix Inc., however, said its subscriber growth has begun to slow after it added just 2 million fewer customers in the past six months as it did for all of 2019. It forecasts just 2.5 million new additions for the current quarter. People spending more time at home due to the pandemic has “massively accelerated the shift” from traditional TV to streaming video,” said eMarketer analyst Eric Haggstrom in an email. That bodes well for Netflix, the streaming pioneer. “Even as lockdowns are relaxed and new competitors begin to scale their services, Netflix will extend its lead as the first stop for entertainment.” He predicts that Netflix will get one-third of streaming subscribers globally in 2020.
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