Netflix confirmed in its fourth-quarter 2021 earnings report that the boom in streaming competition over the past two years is having an impact on the platform’s growth. “Consumers have…
confirmed in its fourth-quarter 2021 earnings report that the boom in streaming competition over the past two years is having an impact on the platform’s growth.
“Consumers have always had many choices when it comes to their entertainment time — competition that has only intensified over the last 24 months as entertainment companies all around the world develop their own streaming offering,” Netflix said in its Q4 earnings shareholder letter Thursday. “While this added competition may be affecting our marginal growth some, we continue to grow in every country and region in which these new streaming alternatives have launched.
New rivals to Netflix in the subscription streaming market over the past two years have included Disney Plus, WarnerMedia’s HBO Max, NBCUniversal’s Peacock and ViacomCBS’s rebranded Paramount Plus., as the company forecast 2.5 million net subscriber adds for the first quarter of 2022. For Q1, Wall Street analysts had been projecting a gain of 7.25 million subscribers, per FactSet. Netflix reported a net gain of 8.