Netflix subscriber growth stalls as lockdowns ease and competition heats up

Netflix has delivered less subscribers than expected in the 3rd quarter, as the return of reside sport and an increase in competitors stunted global growth.

The streaming giant added second . 2 million new subscribers within the three months to 30 September : significantly lower than the 3. four million predicted by analysts.

Net income rose to $790m (£610m) from $665. 2m (£514m) the same time last year, but shares within the company had dropped by almost 6% to $494 (£382) every in after-hours trading on Walls Street.

Netflix had accepted to investors that the boost within subscribers earlier in the year would certainly slow down, as COVID-19 restrictions had been eased.

Major produces by Netflix over the quarter integrated Emily In Paris, Enola Sherlock holmes and The Devil All The Time, as it attempted to fend off competition from elsewhere in the market.

Competition to the firm is growing, especially from the Walt Disney Company plus WarnerMedia, which have restructured their companies to prioritise streaming.

Major sporting competitions have also obtained under way again in recent months, plus new services such as HBO Maximum and Peacock – owned simply by Sky’s parent company Comcast : offered fresh variety to customers.

Netflix said: “We continue to view quarter-to-quarter fluctuations within paid net adds as not really that meaningful in the context from the long run adoption of internet amusement, which we believe is still earlier and should provide us with many years of strong future growth as we carry on and improve our service. ”