Variety reports that "Netflix, coming off a pandemic-fueled bumper crop of subscribers in 2020, added just 1.5 million customers worldwide for the second quarter of 2021 — a significant slowdown from its previous torrid pace of growth."
While the number was higher than had been predicted by Netflix, analysts noted that the company had set a very low bar for growth.
In fact, "during Q2, Netflix lost subscribers in its key U.S./Canada region, posting a net loss of 430,000 paid streaming customers in the region."
As a response to the slow down, Variety writes, Netflix "officially unveiled its plans to enter the video game market, eyeing it as a new category that will help it attract and retain customers. Netflix said games would be included as part of the monthly subscription price of its core service."
- KC's View:
The other problem that Netflix has is growing competition - Disney+ alone has turned into a formidable competitor, growing its numbers significantly since its launch. Netflix still is way ahead of the pack, but the current numbers offer a cautionary note to every retailer in every space - no matter how well you are doing, you have to consistently reinvent and find new ways to be relevant and resonant to your consumer.