Source: Netflix, CNBC
Netflix, the leading streaming entertainment service provider, has released its third-quarter 2020 financial results by posting them to its website netflixinvestor.com.
In the Q3 results, the APAC region was the largest contributor to the paid membership growth this quarter (46% of Q3 global paid net adds) and APAC revenue rose 66% year over year. The company are pleased with the progress making in this region and, in particular, that they achieved double digit penetration of broadband homes in both South Korea and Japan. The report said the company still have much work to do and already working hard to replicate this success in India and other countries.
The pandemic has also forced people to stay at home, which has benefited Netflix as consumers watch more content. During the first half of the year, Netflix reported a massive surge in subscribers that blew analyst estimates out of the water.
While management has cautioned that the pandemic has made it difficult to accurately predict future subscriber growth, Netflix in July said it expected 2.5 million net subscriber additions for the third quarter. Analysts had been more optimistic, projecting 3.57 million net adds, according to FactSet consensus estimates.