Netflix has been a blessing in disguise for the country in the middle of the virus outbreak. The American based media-service provider and production company was the biggest gainer out of the quarantine phenomena. Netflix has announced the financial results of the second quarter of 2020 along with future growth predictions. Netflix has added a whopping 10.2 million subscribers in the second quarter and thrashed its own estimates that it made in the first quarter where the company just predicted that it would acquire nearly 7.5 million subscribers. However, the executive predicts that the subscriber growth rate will slow down in the third quarter.
Netflix Missed Revenue Goals for the Quarter
Netflix has performed exceptionally well in the second quarter of 2020. The company stated that it had added 26 million paid new subscribers in the first two quarters of 2020 whereas, in 2019, it just added 28 million subscribers in total. However, Netflix missed the revenue goals for the quarter and just grew 25 % over the year. Also, executives predict that the subscriber growth in the third quarter will slow down. It is anticipated that Netflix will add just 2.5 million subscribers in the third quarter down from 6.8 million subscribers in the last quarter.
Netflix is Settling in New Normal
New Normal has been the term which is being used by all the companies in the context of the current pandemic situation. Netflix is also settling in the New Normal. Netflix shareholders addressed the biggest concern of new releases and anticipated that the total number of originals for the full year will be higher in 2020.
The new streaming platforms are already facing a shortage of new content to cater to the growing demand of their subscribers. However, Netflix is gearing up to release 59 new TV seasons, documentaries, movies and many others. All the other platforms are also working on originals and documentaries. However, Netflix is all set to dominate the entire year with new releases. Netflix has dominated the whole market by offering original shows to its subscribers, whereas all the other OTT platforms are working on different plans to grab subscribers.