Netflix growth was slower than expected in the first 3 months of this year. But, it insisted that the opportunity for growth was “gigantic”.
4.95 million new subscribers were added by the company in the quarter, which are bit fewer than the 5.2 million as per the forecast. Its U.S. members are third less at this time than the same period a year ago, while its members in overseas fell to 22%.
Netflix says it has dropped because of shift of some of its best-selling shows to the second quarter. For example, its show House of Cards, which was debuted last year in first quarter, was shifted to second quarter, which is the reason for their lower-than-expected subscriber growth. Moreover, it is still hoping to add 8.15 million new members, which were 8.42 in the first quarter.
By this weekend, the firm is expected to reach about 100 million subscribers globally. According to chief executive Reed Hastings,
It’s a good start and the opportunity for the firm was still “gigantic” due to growth of the global internet. He says the company has planned to continue investing in films and shows to increase the membership. “We have come to see these quarterly variances as mostly noise in the long-term growth trend and adoption of internet TV,” he added.