Streaming giant Netflix faced back to work realties with subscriber additions collapsing in the Jan-March quarter. The streaming service added just 3.98 million subscribers in the first quarter, missing its own forecast of 6 million.
The slowdown is a cocktail of recovering economies and people resuming work as well as a lack of new hit shows as per analysts. The current Apr-June quarter is likely to be even more challenging with Netflix predicting just 1 million new customers, a sharp contrast to the 4 million projected by analysts.
The first quarter of 2020 had been the strongest in company history, with 15.8 million new customers, The latest three months, in contrast, marked the slowest first quarter since 2013, when Netflix added about 3 million customers.