Netflix Reveals Strong Q3 Earnings Despite Weak Subscriber Growth
Not out of the woods yet.
Netflix has just released information pertaining to its Q3 earnings. While new domestic paid subscriptions fell short at 500,000 — 300,000 off its forecasted 800,000 — international subscriptions surpassed the forecasted 6.2 million mark with 6.3 million new net adds. On the plus side, revenue was also up 31%, pulling in $5.24 billion USD.
Many are speculating that the decrease in new subscribers could signal rough times ahead with new pressure from next year’s streaming services like Apple+, Disney+ and Peacock. Netflix’s investor letter came out to address some of the concerns from shareholders with, “In our view, the likely outcome from the launch of these new services will be to accelerate the shift from linear TV to on demand consumption of entertainment. Just like the evolution from broadcast TV to cable, these once-in-a-generation changes are very large and open up big, new opportunities for many players. For example, for the first few decades of cable, networks like TBS, USA, ESPN, MTV and Discovery didn’t take much audience share from each other, but instead, they collectively took audience share from broadcast viewing.”
On top of continuing with record-breaking series like Stranger Things, Netflix will also be pushing out a slew of quality original programming moving into 2020.
In other entertainment news, take a closer look at Keri Russell’s character in Star Wars: The Rise of Skywalker.
