Netflix adds a record 9.6 million subscribers in first quarter of 201917th Apr 19 | Entertainment News
However, its stock dipped after it projected a slowdown over the next quarter.
Netflix attracted a record number of new subscribers to its service in the first quarter of 2019, the streaming giant said.
During January, February and March, Netflix added 9.6 million subscribers around the world, the company said in an earnings report.
It is the most subscribers Netflix has gained in a three-month period since launching its streaming service in 2007.
Netflix now has nearly 149 million subscribers around the world.
The numbers beat its own projections as well as those of Wall Street, however its stock dipped by 1% after it predicted a slowdown over the next quarter.
Tuesday’s earnings call also revealed Netflix’s revenue for the first quarter was 4.5 billion US dollars (£3.45 billion), a jump of 22% over the same period last year.
However, it continues to spend more than it makes while pumping millions of dollars into its original content.
Netflix’s impressive start to 2019 comes amid heightened competition in the form of two of the world’s biggest companies – Apple and Disney – which have both announced plans for streaming services of their own.
Apple TV Plus is expected to arrive later this year while Disney’s offering, Disney Plus, will arrive on November 12.
Disney boasts one of the most fearsome back catalogues in the entertainment industry and announced a competitive pricing strategy, with subscribers asked to pay a monthly fee of seven US dollars – about £5.
Netflix’s basic subscription costs 8.99 dollars, or about £7.
Analysts expect Disney Plus to pose a serious threat to Netflix’s domination of the streaming industry.
© Press Association 2019