Netflix has managed to gain 1.8 million subscribers in Europe across the first quarter of 2021.
This increase in subscribers is even more impressive considering the growth in competitors such as Disney+ and HBO Max, which provide alternatives for customers. The streaming giant’s paid membership now stands at 68.5 million on the continent, this figure is an increase from 66.7 million at the end of 2020.
However, despite the increase, 1.8 million is a significant drop compared to the 6.9 million new subscribers that the streaming service accumulated in the same period last year. On a global scale, Netflix reported they now have 208 million subscribers, two million shorter than the predicted figure they set themselves.
“We believe paid membership growth slowed due to the big Covid-19 pull forward in 2020 and a lighter content slate in the first half of this year, due to Covid-19 production delays,” the company said in its quarterly letter to shareholders. “We continue to anticipate a strong second half with the return of new seasons of some of our biggest hits and an exciting film lineup.”
The streaming service also revealed it plans to invest $17 billion on content this year, which is a sharp increase from the $11.8 billion they spent in 2020. However, many productions were delayed last year due to the pandemic, so they spent more in 2019 than in 2020.