With the upcoming loss of two of its most-streamed television series, The Office and Friends, Netflix has had a tough few weeks. On Wednesday, the company faced down another bout of bad news. (Adweek)
For the first time in nearly a decade, the number of people subscribing to Netflix in the U.S. declined, an underwhelming performance for the streaming giant that comes as a slew of rivals are about to enter the field. (WSJ)
The company added 2.7 million new subscribers in the second quarter of 2019, according to its latest earnings report released Wednesday. That is just over half of the 5 million new subscribers that analysts were expecting. (CNN Business)
In addition to blaming its content slate for the quarter for weak subscriber growth, Netflix said its first-quarter subscriber growth was so strong that “there may have been more pull-forward effect than we realized.” (CNBC)
Netflix added that its subscriber miss occurred across all regions, but slightly more in areas where its price increase went into effect. Netflix announced in January that its plans would go up in price starting with the May billing cycle. Its standard plan now costs $13 in the U.S. (THR)
Wall Street dropped the value of Netflix shares by 10 percent Wednesday. The company thinks it will add 7 million subscribers in the third quarter—more than Wall Street expected it to predict—driven in part by a new season of Stranger Things. (Recode)