The California based streaming giant Netflix has lost over 430 000 subscribers in the United States and Canada in the 2nd quarter of 2021. The world’s largest streaming service currently has a total of 209 million subscriptions which is followed by Disney+ in second place with 104 million subscribers.
The streaming giant was able to add in 1.5 million new subscribers in the second quarter of 2021 which is slightly higher than the Wall Street estimate of 1.1 million new subscribers. The company received a boom in new subscriptions in the United States of America, its largest market due to the spread of Co-vid 19 which resulted in extended quarantines and travel restrictions. However with the easing of a majority of said restrictions in the US and Canada the number of new subscriptions has decreased.
While the company stock fell by 1.4% in afterhours trading statistics show that the revenue of the company in the second quarter has increased by 19% and the net income has increased from $720 million to over $1.4 billion.
With no signs of recovery in the loss of subscribers analysts and investors have raised concerns with regards to the devaluation of stock. However the CEO of Netflix Reed Hastings was quick to reassure investors and rejected concerns with regards to competitors such as Disney+ and Amazon Prime.
The streaming service has recently renewed several of its popular series including The Witcher starring Henry Cavil for its 2nd season and Sex Education for its 3rd season.
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