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Netflix narrowly misses latest subscriber target but approaches 200 million mark

Netflix narrowly misses latest subscriber target but approaches 200 million mark
© Netflix
Netflix reaches 195 million subscribers worldwide and projects that it will surpass 200 million by the end of the year.

Netflix has insisted that it is on course to surpass the milestone 200 million subscriber mark by the end of the year after a slightly underwhelming quarter.

The streaming service added a record 26.7 million global subscribers in the first half of 2020 as most of the world entered coronavirus lockdown, with a further 2.2 million additions following in the third quarter - down slightly on the projection of 2.5 million.

With a second wave of COVID-19 now sweeping the globe, Netflix predicts that it will add six million subscribers to its current base of 195 million in the final three months of the year.

In a letter to shareholders, the company said: "The state of the pandemic and its impact continues to make projections very uncertain, but as the world hopefully recovers in 2021, we would expect that our growth will revert back to levels similar to pre-COVID.

"In turn, we expect paid net [additions] are likely to be down year over year in the first half of 2021, compared to the big spike we experienced in the first half of 2020."

Upcoming releases on the platform before the end of the year include the fourth season of The Crown, a behind-the-scenes Shawn Mendes documentary and Chadwick Boseman's final movie Ma Rainey's Black Bottom.

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