Netflix misses target for growth in global subscriptions

Tom Horton, PA
·1-min read

Netflix has missed its target for new subscriptions in the first quarter of 2021.

The streaming giant amassed four million new subscribers globally, however the company had aimed to add six million new subscribers during the period.

A letter to shareholders said coronavirus had created “uncertainty”.

Netflix and SkyGo app
(Ian West/PA)

It added: “We believe paid membership growth slowed due to the big Covid-19 pull forward in 2020 and a lighter content slate in the first half of this year, due to Covid-19 production delays.

“We continue to anticipate a strong second half with the return of new seasons of some of our biggest hits and an exciting film lineup.

“In the short-term, there is some uncertainty from Covid-19; in the long-term, the rise of streaming to replace linear TV around the world is the clear trend in entertainment.”

The letter stated the company does not believe “competitive intensity materially changed in the quarter”.

The total number of Netflix subscribers now stands at 208 million, a year-on-year rise of 14%.

The letter said there had been “unprecedented membership growth in 2020”.

In January, Netflix labelled hit series Bridgerton its biggest ever original series after it was viewed by a record 82 million households in 28 days.