In its earnings report today, Netflix announced that it added a record 10.1 million subscribers for the second quarter, compared to 2.7m in last year’s Q2. In Q2, revenue grew 25% year over year, while quarterly operating income exceeded $1 billion.
The streaming service now has 192.9 million subscribers.
“We live in uncertain times with restrictions on what we can do socially and many people are turning to entertainment for relaxation, connection, comfort and stimulation,” the company said in its quarterly shareholder letter.
“With movie theaters closed and major sports seasons postponed, streaming video has been a notable bright spot in the media industry. Netflix continues to lead the industry, both in the US and internationally,” said eMarketer Forecasting Analyst Eric Haggstrom ahead of today’s report. “Whether or not Netflix can continue to grow subscribers as lockdowns are relaxed is a major question. Netflix is much better positioned than many of its competitors. Its 2020 content release schedule won’t be significantly impacted, it isn’t reliant on sports, live events or advertising. It also doesn’t have to play a delicate balancing act between selling content to legacy partners or putting content on a new streaming service. Netflix will weather this crisis better than almost everyone else in the media industry.”
Netflix has added 26 million paid subscribers in the first half of this year, but the team is ready for less impressive numbers in the second half, saying “we expect less growth for the second half of 2020 compared to the prior year. As we navigate these turbulent circumstances, we’re focused on our members by continuing to improve the quality of our service and bringing new films and shows to people’s screens.”
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