Netflix‘s added 10.09 million subscribers in the last quarter, another period of unexpectedly strong growth after starting the year with record-high new members, as the company made a surprise change to its topmost leadership: Ted Sarandos, who has been the steward of Netflix’s original programming as the company grew to be an online TV giant, will serve as co-chief executive alongside Reed Hastings, the company’s longtime CEO and cofounder.
“Ted has been my partner for decades. This change makes formal what was already informal — that Ted and I share the leadership of Netflix,” Hastings said in a letter to shareholders.
, the world’s dominant streaming-video subscription service, said subscribers climbed to 192.95 million total between April and June, according to its Thursday report for second-quarter results.
That beats short of Netflix‘s April guidance to add 7.5 million new members. Analysts on average expected about 8.1 million member additions, according to Thomson Reuters.
It comes after Netflix added more new subscribers in the first three months of the year than it ever had before, record growth that was taken as a bellwether for the popularity of streaming video during the pandemic. The coronavirus, which causes the respiratory disease known as COVID-19, has devasted swaths of the entertainment industry: Movie theaters are shuttered; big-budget films are being pushed back to next year; nobody knows when sports, concerts and theater can resume en masse; and new film and TV productions are on hold for the foreseeable future.
Since then, new programming on regular TV dwindled as networks run out of fresh material they’d already shot before productions shut down. But Netflix, with its eye-popping slate of original content they make way in advance (a perk of its release-all-episodes at once model), is ideally positioned to keep serving up new programming as people are stuck at home desperate for entertainment.
But even among its competitors, Netflix appeared as one of the best-positioned media company for this extraordinary time. The company has said it is confident its gigantic production pipeline would keep new shows and movies flowing onto the service into 2021, even as rivals’ original programming is hobbled by global shutdowns.
The news also comes in the midst of the so-called streaming wars, a seven-month window when media and tech giants are rolling out new services. One day earlier, Peacock launched from Comcast’s NBCUniversal. But chief among the new competitors has been , which rolled out Nov. 12 and has quickly ramped up to more than .
This is a developing story; check back for updates.
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