Netflix's subscriber growth has slowed dramatically. Blame the pandemic
Netflix’s subscriber growth slowed dramatically in the second quarter as the surge in streaming subscriptions from the COVID-19 pandemic petered out, competition increased and the company considered novel ways to grow its business.
Pandemic restrictions drove millions of people to sign up for Netflix subscriptions to binge-watch their way through the public health crisis, resulting in record numbers for the company. However, analysts said the competition has put some pressure on Netflix as it tries to defend its position as the biggest streaming company, now with more than 209 million paying members.
With subscription growth slowing, streaming services are trying to grow by spending billions on exclusive movies and TV shows to draw viewers and get them so hooked they don’t cancel. Netflix scored 129 Emmy nominations for its shows, including best drama series nominees “Bridgerton” and “The Crown,” along with nods for “Cobra Kai,” “Emily in Paris” and “The Kominsky Method.” Netflix was barely topped by WarnerMedia’s combined 130 nominations for HBO and HBO Max.
Among the top films on Netflix during the quarter were Zack Snyder’s “Army of the Dead,” the Kevin Hart-starring dramedy “Fatherhood” and the family comedy “The Mitchells vs. the Machines,” which Netflix said was the company’s most-watched original animated movie to date.
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