Netflix says its subscriber growth during Covid-19 would slow even more than Wall Street expected during the third quarter
The Netflix logo is pictured on a television remote in this illustration photograph taken in Encinitas, California, US, January 18, 2017.
The company also elevated Ted Sarandos to co-chief executive alongside Reed Hastings. Sarandos will continue his role as chief content officer. Netflix added 10.1 million streaming subscribers from April through June as the coronavirus forced people around the world to shelter at home. Those restrictions led to "huge growth in the first half of the year," Netflix said in a letter to shareholders, but "as a result we expect less growth for the second half of 2020 compared to the prior year."
With the new members, the world's dominant streaming service reached nearly 193 million paying online customers. Netflix is trying to win new customers and outrun the competition as viewers embrace online viewing. The start of the pandemic sparked new interest in the service as people around the world were told to stay home, movie theatres went dark and sports leagues cancelled live games.
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