• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Articles
  • News
  • Events
  • Advertize
  • Jobs
  • Courses
  • Contact
  • (0)
  • LoginRegister
    • Facebook
    • LinkedIn
    • RSS
      Articles
      News
      Events
      Job Posts
    • Twitter
Datafloq

Datafloq

Data and Technology Insights

  • Categories
    • Big Data
    • Blockchain
    • Cloud
    • Internet Of Things
    • Metaverse
    • Robotics
    • Cybersecurity
    • Startups
    • Strategy
    • Technical
  • Big Data
  • Blockchain
  • Cloud
  • Metaverse
  • Internet Of Things
  • Robotics
  • Cybersecurity
  • Startups
  • Strategy
  • Technical

Netflix details video game push as it forecasts weak growth

Reuters / 2 min read.
July 21, 2021
floq.to/VxACT

By Lisa Richwine and Akanksha Rana

(Reuters) –Netflix Inc said it would make a deeper dive into video games as the movie and TV streaming service projected weak subscriber growth amid growing competition and the lifting of pandemic restrictions that had kept people at home.

The company’s shares hovered about even at $531.10 in after-hours trading on Tuesday.

Earnings for April through June came in at $2.97 per share, below the average forecast of $3.16, according to analysts surveyed by Refinitiv.

Netflix is weathering a sharp slowdown in new customers after a boom in 2020 fueled by stay-at-home orders to curb the COVID-19 pandemic. In the United States and Canada, Netflix reported a decline of about 430,000 subscribers in the second quarter.

The streaming video pioneer said it was in the early stages of expanding its video game offerings, which would be available to subscribers at no extra charge. The company will initially focus primarily on mobile games.

“We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV,” the company said in its quarterly letter to shareholders.

Netflix has dabbled in video games with a few titles linked to hits including “Stranger Things” and “The Dark Crystal: Age of Resistance.”

Some analysts have said the company that dominates streaming video needs to find new ways to jump-start subscriptions after years of rapid expansion. According to eMarketer, Netflix’s share of U.S. revenue from subscription streaming video will shrink to 30.8% by the end of 2021, from nearly 50% in 2018.

“Netflix delivered another underwhelming quarter as competition in the streaming space heats up,” said Investing.com senior analyst Jesse Cohen. “The absence of any new looming growth catalysts has been one of the main reasons for Netflixs relatively mild performance this year.”

The company projected it would add 3.5 million customers from July through September. Wall Street had expected a forecast of 5.5 million.

For the just-ended quarter, Netflix added 1.54 million customers, beating analyst projections of 1.04 million. Total subscribers numbered 209 million at the end of June.

A year ago, Netflix picked up 10.1 million subscribers in the second quarter.

This year, Netflix felt the impact of COVID-19 on TV production, which left the company with a small menu of new titles. At the same time, Walt Disney Co’s Disney+, AT&T Inc’s HBO Max and other services attracted customers, and summer blockbusters returned to movie theaters.

The easing of pandemic safety measures also lured people out of their homes and away from their televisions.

Netflix promises a heavier lineup in the second half of 2021, including new seasons of “You,” “Money Heist” and “The Witcher.”

If its subscriber forecast pans out, Netflix will have added more than 54 million subscribers over the past two years, a pace consistent with its annual additions before the COVID-19 pandemic, the company said.

It also noted that streaming television still accounts for a small portion of overall viewing time and that its service is less mature outside the United States.

“We are confident that we have a long runway for growth,” Netflix said in its investor letter.

(Reporting by Eva Mathews and Akanksha Rana in Bengaluru and Lisa Richwine in Los Angeles; Editing by Shounak Dasgupta and Lisa Shumaker)

Categories: News
Tags: BI, mobile, share, survey

About Reuters

Primary Sidebar

E-mail Newsletter

Sign up to receive email updates daily and to hear what's going on with us!

Publish
AN Article
Submit
a press release
List
AN Event
Create
A Job Post

Jobs

  • Software Engineer | South Yorkshire, GB - February 07, 2023
  • Software Engineer with C# .net Investment House | London, GB - February 07, 2023
  • Senior Java Developer | London, GB - February 07, 2023
  • Software Engineer – Growing Digital Media Company | London, GB - February 07, 2023
  • LBG Returners – Senior Data Analyst | Chester Moor, GB - February 07, 2023
More Jobs

Tags

AI Amazon analysis analytics app application Artificial Intelligence BI Big Data business China Cloud Companies company costs crypto customers Data design development digital engineer environment experience future Google+ government health information learning machine learning market mobile news public research security services share skills social social media software strategy technology

News

  • U.S. ‘won’t tolerate’ China’s ban on Micron chips, Raimondo says
  • U.S.-led Indo-Pacific talks produce deal on supply chain early warnings
  • China deletes 1.4 million social media posts in crack down on ‘self-media’ accounts
  • China, South Korea agree to strengthen talks on chip industry – Chinese commerce ministry
  • Twitter cannot hide from EU rules after exit from code, EU’s Breton says
More News

Related Online Courses

  • Oracle Cloud Data Management Foundations Workshop
  • Data Science at Scale
  • Statistics with Python
More courses

Footer


Datafloq is the one-stop source for big data, blockchain and artificial intelligence. We offer information, insights and opportunities to drive innovation with emerging technologies.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Recent

  • 5 Reasons Why Modern Data Integration Gives You a Competitive Advantage
  • 5 Most Common Database Structures for Small Businesses
  • 6 Ways to Reduce IT Costs Through Observability
  • How is Big Data Analytics Used in Business? These 5 Use Cases Share Valuable Insights
  • How Realistic Are Self-Driving Cars?

Search

Tags

AI Amazon analysis analytics app application Artificial Intelligence BI Big Data business China Cloud Companies company costs crypto customers Data design development digital engineer environment experience future Google+ government health information learning machine learning market mobile news public research security services share skills social social media software strategy technology

Copyright © 2023 Datafloq
HTML Sitemap| Privacy| Terms| Cookies

  • Facebook
  • Twitter
  • LinkedIn
  • WhatsApp

In order to optimize the website and to continuously improve Datafloq, we use cookies. For more information click here.

settings

Dear visitor,
Thank you for visiting Datafloq. If you find our content interesting, please subscribe to our weekly newsletter:

Did you know that you can publish job posts for free on Datafloq? You can start immediately and find the best candidates for free! Click here to get started.

Not Now Subscribe

Thanks for visiting Datafloq
If you enjoyed our content on emerging technologies, why not subscribe to our weekly newsletter to receive the latest news straight into your mailbox?

Subscribe

No thanks

Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

Marketing cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!