Entertainment

Netflix adds 6.8 million subscribers in Q3, braces for higher competition

Netflix added 6.8 million subscribers in the third quarter of this year internationally, compared to seven million it had forecast, even as the streaming giant braces for stiff competition as Apple and Disney prepare to launch similar services.

Netflix reported $5.2 billion in revenue in the third quarter; up 31 per cent over the prior year, and operating income doubled to $1 billion.

“In Q3, our guidance forecast was our most accurate in recent history;” Netflix said on Wednesday in a letter to shareholders.

The results cheered investors as shares of the streaming giant rose over five per cent in after hours trading.

Netflix said that it will continue to expand its non-English language original offerings because they help the company increase penetration in international markets.

“‘The Naked Director’ broke out as the biggest title launch for us in Japan and was also highly successful throughout Asia. Similarly, in India, we debuted the second season of ‘Sacred Games’, our most watched show in India,” the company said.

“To date, we have globally released 100 seasons of local language, original scripted series from 17 countries and have plans for over 130 more in 2020. We also plan to expand our investment in local language original films and unscripted series,” it added.

In its letter to shareholders, Netflix exuded confidence of weathering the competition from Apple and Disney.

“The upcoming arrival of services like Disney ; Apple TV , HBO Max, and Peacock is increased competition, but we are all small compared to linear TV,” Netflix said.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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