Popular video streaming platform, Netflix has faced a significant decline in the number of subscribers as severe competition from Disney, Amazon and other titans eat into users subscription share.
New subscriber additions into the platform declined to two million below Netflix’s forecast, Whilst paid memberships grew less than expected to 208 million, Netflix said in its quarterly earnings release.
“We believe paid membership growth slowed due to the big Covid-19 pull forward in 2020 and a lighter content slate in the first half of this year, due to Covid-19 production delays,” Netflix executives said in the release.
