Netflix’s third quarter earnings release surprisingly surpassed its earnings expectations as it brought in $7.93 billion in revenue versus the $7.85 billion expected revenue. It crushed its net subscriber addition expectations as it brought in 2.41 million when it was only expected to add one million. The positive news caused the stock to rally after hours on October 18th as the stock gained 15%.
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As streaming platforms grow in popularity, brands and platforms are attempting to differentiate and stay relevant to attract subscribers who are willing to hold a growing number of subscriptions. Although video streaming—specifically that of television—has existed since the late 1990’s it only truly came into wider public use in 2007 when Netflix unveiled its “Watch Now” feature. It changed the long stagnant home entertainment market forever, giving its subscribers the ability to get the shows and movies they loved on demand from practically anywhere.
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If the pandemic was good for one thing it was catching up and binging on all that content you previously put off. By the end of 2020, streaming subscriptions rose to about 1.1 billion, according to the Motion Picture Association on Thursday.
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Recent analysis on the diversity of Netflix shows from 2018-2019 revealed key successes and failures in terms of on screen representation in proportion to the US population. In reaction to this study, Netflix has established a fund to aid in the investment in underrepresented communities both on- and off-screen.
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