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Netflix user growth slows in Q3 as production ramps up again – TechCrunch

After the COVID-19 pandemic drove spectacular subscriber development earlier this yr, Netflix’s numbers have come again right down to Earth.

The streaming service added 15.77 million net new subscribers within the first quarter of the yr, adopted by 10.09 million in Q2. It solely projected 2.5 million for Q3.

At the moment’s earnings report exhibits the corporate falling wanting that already-underwhelming objective, with solely 2.2 million internet additions, bringing its whole subscriber base to 195 million. And it’s forecasting 6.zero million internet additions in This autumn, in comparison with 8.Eight million in the identical interval final yr.

“As we’ve highlighted in our latest investor letters, we imagine our report first half paid internet additions would end in slower development within the again half of this yr,” the corporate mentioned in its letter to shareholders. “If we obtain our forecast, it’s going to put us at a report 34m paid internet provides for 2020, properly above our prior annual excessive of 28.6m in 2018.”

The corporate additionally mentioned that “retention stays wholesome and engagement per member family was up solidly yr over yr.”

Whereas the pandemic could have accelerated Netflix’s person development, it additionally halted movie manufacturing for security causes. That’s meant a slowing launch schedule — although the delay is much less noticeable for Netflix, because it had so many exhibits and flicks within the pipeline.

With manufacturing resuming, the corporate mentioned it’s really accomplished principal pictures on greater than 50 productions since mid-March, with plans to do the identical for 150 further productions by the tip of the yr.

The fourth season of “Stranger Issues​,” the second season of “The Witcher” and motion movie ​”Pink Discover”​ (starring Dwayne Johnson, Gal Gadot and Ryan Reynolds) have all resumed manufacturing as properly.

The announcement contains viewership numbers for a handful of exhibits and flicks launched within the final quarter: 43 million subscribers selected to look at the brand new season of “The Umbrella Academy,” 48 million selected to look at “Ratched,” 38 million selected to look at “The Social Dilemma” and 78 million selected to look at the Charlize Theron motion film “The Previous Guard.” (Reminder: Netflix’s “selected to look at” metric refers back to the variety of subscribers who watched at the least two minutes of a program.)

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Author

Anthony Ha