With last weeks blockbuster news regarding Disney+, the originator of the streaming service has revealed some positive news regarding their first quarter. Netflix added more than 9.6 million subscribers during the first three months of the year but warned that the next quarter could see slower growth.
The company, which was expected to add just under 9 million members during the period, now has 148.9 million total paying members. It ended 2018 with 139 million paying members.
During the first quarter, Netflix brought in revenue of $4.5 billion, up 22 percent year over year, and had earnings of 76 cents per share. Netflix was expected to bring in revenue of $4.5 billion and earnings of 57 cents per share.
Netflix addressed the competition in its shareholder letter, noting,
“Recently, Apple and Disney each unveiled their direct-to-consumer subscription video services. Both companies are world-class consumer brands, and we’re excited to compete; the clear beneficiaries will be content creators and consumers, who will reap the rewards of many companies vying to provide a great video experience for audiences.”
Subscribers to these streaming services should be in for a fun ride over the next few years with the growing competition.
