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Netflix Sees Slower Subs Growth in Q1
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Netflix missed its target subscriber growth in the first quarter of 2021, adding 4 million net new customers in the period.
The global streaming giant had expected to add 6 million net new customers in the period. The company cited “unprecedented membership growth” in 2020 during Covid-19 shutdowns and a lighter content slate in the first half, due to production delays amid the pandemic, as the reason for slower membership growth in Q1. The platform ended the period with 207.6 million paid memberships, a year-on-year growth of 13.6 percent.
“In the short-term, there is some uncertainty from Covid-19; in the long-term, the rise of streaming to replace linear TV around the world is the clear trend in entertainment,” the company said in its letter to shareholders.