Netflix has just announced its Q3 results, showing that the streamer added 2.2 million subscribers for the quarter and reaching 195.15 million global subscribers in total by September 30. This quarter’s addition was slightly lower than the company’s estimated 2.6 million growth.
The company noted that the slowdown in growth was due to an incredibly strong first half of the year.
“We think this is primarily due to our record first half results and the pull-forward effect we described in our April and July letters,” Netflix wrote in a letter to shareholders. “In the first nine months of 2020, we added 28.1 million paid memberships, which exceeds the 27.8 million that we added for all of 2019. In these challenging times, we’re dedicated to serving our members.”
Along with adding new subscribers, Netflix noted that retention remained high and the service saw an improvement in engagement throughout the quarter.
Netflix also acknowledged its competition in the letter, saying that the company will continue to improve in an effort to remain the go to service for great content.
“This past quarter, we saw the debut of Comcast’s Peacock, which comes on the heels of the launch of HBO Max and Disney+. Disney’s recent management reorganization signals that it is embracing the shift to streaming entertainment. We’re thrilled to be competing with Disney and a growing number of other players to entertain people; both consumers and content creators will benefit from our mutual desire to bring the best stories to audiences all over the world.”