Netflix

The company said it would add mobile games to its platform first as it expands into the video games market.

Despite the announcement, Netflix’s shares dropped in after-hours trading after missing a target on subscriptions.

It now counts more than 209 million paid-up members globally, and saw a surge in sign-ups during 2020 when customers were spending more time at home due to pandemic-related lockdowns.

“COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through,” the company said in its latest financial update.”

It expects to sign up 3.5 million new customers between July and September, in the third quarter of the year.

While the pandemic has had a positive effect on subscriptions, it has majorly disrupted production of some big titles. Despite the uncertainty that continues to characterise the pandemic, Netflix said it was optimistic about current titles in production.

In the second quarter of 2021, its revenues totalled $7.3 billion (€6.2 billion), 19 per cent higher than the same time last year.

Profits, however, dipped to $1.35 billion (€1.1 billion), down from $1.7 billion (€1.4 billion) from the previous quarter.

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