But Netflix isn’t panicking. The company added 10 million new global customers in the same quarter last year, when the pandemic was raging and consumers in many countries were limited to home entertainment.
And the streaming giant made up for weaker 2021 numbers in its home market with growth in Asia and Latin America, surpassing its global forecast of 1 million new paid subscriptions by 500,000 between April and June.
But it also showed that much better days are ahead. In a letter to shareholders, Netflix argued that it does not need to grow through acquisitions to fend off rivals, and highlighted its enormous potential for global growth.
“We are primarily competing with ourselves to improve our service as quickly as possible. If we can do that, we are confident that we can maintain our strong position and continue to grow well,” Netflix said.
Acquisitions? No thanks: Netflix made it clear in its letter to shareholders that it does not plan to join the media industry’s trend of using mergers and acquisitions to grow bigger and add more successful content.
“The industry has consolidated considerably over the years, and we don’t think this consolidation has affected our growth much, if at all,” the company said in its letter to shareholders.
“Although we continually assess opportunities, we do not see any asset as ‘must have’ and have yet to find any on a large scale convincing enough to act,” he added.
Where is the growth? Netflix said the second quarter has traditionally been a tough time to add subscribers in the United States and Canada, a trend even more pronounced by the easing of pandemic restrictions in many places.
But it is now a global business. Netflix added more than one million new subscribers in Asia-Pacific between April and June, and another 760,000 in Latin America. It now has 209 million subscribers worldwide.
The global nature of audience and content offers benefits. The second part of the French-language heist thriller “Lupine” was a huge international success, for example, with 54 million households connected in its first four weeks.
Netflix said there is still room to grow.
Citing figures from data provider Nielsen, the company said streaming only accounts for 27% of U.S. television screen time. Netflix represents 7%.
“Considering that we are less mature in other countries and that this excludes mobile screens (where we think our share of engagement is even lower), we are convinced that we have a long avenue for growth”, a- he declared.
Bottom line: Netflix’s profit in the second quarter of this year was $ 1.3 billion, up from $ 720 million in the previous year’s quarter. Its turnover jumped 19% to $ 7.3 billion. Shares rose slightly in the pre-market.
CEO says economic losses from Olympics will be “huge”
One of Japan’s most prominent business leaders says the Olympics are losing their commercial value.
“We thought we were an Olympic partner … but the economy was not there,” said the boss of the Japanese beverage giant, owner of Orangina and bourbon Jim Beam.
Instead of signing as an official sponsor, Suntory had charted another path to increase its visibility during the Games, which kick off on Friday: The company planned to use restaurants and bars around sports venues to promote its drinks, and d ” open several establishments to serve. his products.
“I thought this opportunity would really be a showcase for us,” Niinami said in an interview. “I expected a lot of spectators from overseas to come and see us.”
Organizers’ decisions to ban foreign visitors and then spectators from Tokyo Games venues for public health reasons canceled those plans.
“The economic losses will be huge,” Niinami said, estimating that Japanese companies could have benefited from an increase of around 10% in their sales if fans had been allowed.
The absence of domestic spectators could cost the Japanese economy 146.8 billion yen ($ 1.3 billion), according to an estimate by Takahide Kiuchi, an economist at the Nomura Research Institute.
“It’s time [when] we have to think about: what is the value of the Olympics? “said Niinami.” I think the Olympics lost [their] value.”
China extends technological crackdown
China’s internet watchdog said on Wednesday it would fine some of the country’s biggest tech companies for disseminating obscene content related to children.
The Cyberspace Administration of China (CAC) said in a statement posted on social media that it had summoned executives from technology platforms, including Alibaba’s Taobao shopping service, messaging app Tencent QQ and the giant from social media Sina Weibo.
The regulator said the platforms were ordered to “comprehensively rectify and clean up illegal information and accounts within a specified time frame.”
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