Netflix misses subscriber targets
By Matt Collins Article may include affiliate links
Wall Street reacted to Netflix’s earnings report with an 11% dip in the company’s stock during trading Thursday, July 18, 2019.
The company announced earnings Wednesday that showed the company’s first major loss in U.S. subscribers.
Netflix also missed subscriber growth by nearly half — adding 2.7 million subscribers globally.
The company, meanwhile, tried to brighten the earnings call by discussing its plans for India — part of an overall emphasis on international markets.
Netflix is adding five original shows targeted at the India market, which is much less saturated with streaming services.
Back in the U.S., Netflix already faces competition from Amazon Prime Video and Hulu as well as HBO and ESPN’s streaming services.
This comes even as WarnerMedia, NBC and Disney plan to launch streaming services in the next year or so.
Not only will these services clutter the marketplace, Netflix is also losing some its most popular content to them as networks and production companies dig their heels in on content they control.
Netflix is reportedly investing more that $15 billion in producing original content this year in an effort to grab eyeballs with unique content that can’t be found anywhere else.