Netflix reported first-quarter earnings after market close on Tuesday, with Wall Street bracing for a slowdown in subscriber growth following a record-setting year.
Kevin Westcott, U.S. technology, media & telecom leader at Deloitte, discusses the firm’s latest edition of its Digital Media Trends Survey, which breaks down how consumers of different ages are engaging with various entertainment options.
The rapid growth in subscriber base during the pandemic-led lockdown last year also seems to be slowing due to vaccine rollouts that have accelerated theater reopenings and live sport events, giving people more avenues of entertainment. Moreover, with more households opting for streaming over cable, the competition with big-pocketed rivals like Walt Disney Co’s Disney+ and AT&T’s HBO Max, who are looking to grab market share from Netflix, has intensified. The company said on Tuesday it added 3.98 million paid subscribers in the quarter ended Mar. 31.