Netflix Inc said it would make a deeper dive into video games as the movie and TV streaming service projected weak subscriber growth amid growing competition and the lifting of pandemic restrictions that had kept people at home.
"We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV," the company said in its quarterly letter to shareholders. Some analysts have said the company that dominates streaming video needs to find new ways to jump-start subscriptions after years of rapid expansion. According to eMarketer, Netflix's share of U.S. revenue from subscription streaming video will shrink to 30.8per cent by the end of 2021, from nearly 50per cent in 2018.
For the just-ended quarter, Netflix added 1.54 million customers, beating analyst projections of 1.04 million. Total subscribers numbered 209 million at the end of June.This year, Netflix felt the impact of COVID-19 on TV production, which left the company with a small menu of new titles. At the same time, Walt Disney Co's Disney+, AT&T Inc's HBO Max and other services attracted customers, and summer blockbusters returned to movie theaters.
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