Netflix Adds 10 Million New Subscribers During Q2; Names New Co-CEO

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Netflix Biggest OTT Gainer Lockdown

INTRO: The massive windfall comes within the midst of the pandemic-induced global lockdowns that have increased demand for online entertainment. While most businesses are suffering due to the health crises, online services like e-commerce portals, messaging apps, and streaming services, have seen astronomical increases in their subscriber numbers.

Netflix Gains More Subscribers within the Half of This Year

Netflix, however, features a relatively negative outlook for the remainder of the year. In a letter to shareholders on Thursday, the corporate said that the gains over the past few months were pulled forward from the third and fourth quarters, which could lead to slower growth during the rest of this year. “In Q1 and Q2, we saw significant pull-forward of our underlying adoption resulting in huge growth within the half of this year. As a result, we expect less growth for the last half of 2020 compared to the prior year”, the letter said.

Also Netflix Promoted its content chief, Ted Sarandos, as its co-CEO

Netflix promotes content chief to co-CEO; adds 10M new subs

Netflix also announced that it’s promoting its content chief, Ted Sarandos, as its co-CEO. He are going to be sharing the position with the company’s co-founder and current CEO, Reed Hastings. “This change makes formal what was already informal — that Ted and that i share the leadership of Netflix”, Hastings said during a statement.

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