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Netflix boosts global subscription numbers by more than 10 million

The streaming giant predicts that its subscriber growth rate will now slow. Download

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Netflix has named Ted Sarandos, the company’s chief content officer, as co-CEO (Richard Shotwell/Invision/AP, File)

Netflix has named Ted Sarandos, the company’s chief content officer, as co-CEO (Richard Shotwell/Invision/AP, File)

Netflix has named Ted Sarandos, the company’s chief content officer, as co-CEO (Richard Shotwell/Invision/AP, File)

Netflix boosted its total number of global subscriptions by more than 10 million in the last quarter amid the coronavirus pandemic.

The streaming giant has now seen the number of paid memberships it receives grow by 26 million in the first half this year, according to a company letter to shareholders.

The figure is nearly on a par with the 28 million that were added throughout the whole of 2019 and the company has exceeded its targets.

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(Nick Ansell/PA)

(Nick Ansell/PA)

PA

(Nick Ansell/PA)

However growth rate is slowing “as consumers get through the initial shock of Covid and social restrictions”, the letter added.

Netflix forecasts it will add just 2.5 million subscriptions in the third quarter, down from 6.8 million over the same period last year.

That outlook for new subscribers disappointed investors and contributed to the stock price tumbling by about 9% in after-hours trading.

Netflix also announced Ted Sarandos has been promoted to co-CEO of the company alongside co-founder Reed Hastings.

The 55-year-old will continue to serve as chief content officer while also being elected to the company’s board of directors.

Sarandos joined the company in 2000 as a DVD buyer and has since overseen Netflix’s rise to the top of the streaming industry.

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Spike Lee’s Da 5 Bloods proved popular on the streaming platform (Ian West/PA)

Spike Lee’s Da 5 Bloods proved popular on the streaming platform (Ian West/PA)

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Spike Lee’s Da 5 Bloods proved popular on the streaming platform (Ian West/PA)

Elsewhere, Netflix revealed that comedy drama series Never Have I Ever reached 40 million households worldwide during the first four weeks it was available.

The same number also tuned into comedy Space Force, which stars Steve Carell and came out in May.

The second quarter of the year also saw 27 million households watch Spike Lee’s film Da 5 Bloods.

Earlier this year the Disney+ streaming platform launched in the UK and became the latest challenger to Netflix, Amazon Prime Video and Apple TV+.

PA