Popular streaming platform, Netflix is having a good year after beating its own estimations in the last two quarters for paying subscribers. The company announced that it added 10.2 million subscribers in the second quarter of 2020, taking the total in the year’s first six months to 26 million.
Comparing Netflix’s numbers to last year’s, the company added a total of 28 million new subscribers all through 2019. However, just six months into 2020 and it is 2 million subscribers short of surpassing its last year’s tally.
Getting paying subscribers is not actually as easy as Netflix makes it seem. For example, we had reported how Quibi had failed to convert over 90 per cent of its free subscribers when the offer ended.
Like many recent growths and successes in the entertainment industry in recent months; many have explained that Netflix’s huge success is tied to the pandemic. Which may have elements of truth as more people during lockdown turned to the virtual world to keep themselves entertained.
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Also, some have pointed out that Netflix is doing well with the sheer size and quality of contents it pushes out. A CNBC report says that the company is even boasting of having enough new content to last the whole of 2020 and it is eager to restart production.
Likely, this is why the company’s board is rewarding its Chief Content Officer, Ted Sarandos with a promotion. It announced that Sarandos will join CEO Reed Hastings as co-CEO.
But Netflix has warned investors that it does not expect a repeat of the first half of the year’s achievements and they should not either. In fact, according to an article on The Verge; the company says it is estimating 2.5 million new subscribers in Q3 2020.
The stage is actually still competitive despite Netflix’s seeming unhindered growth. NBC’s Peacock is set to launch aggressively and HBO is adding new features to tempt streamers. There are still others like Hulu, Disney Plus, Amazon Prime Video, YouTube TV and many others.
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