Netflix’s results in the first quarter sent investors one clear message: the pandemic streaming boom is over.
“We had those 10 years where we’re growing smooth as silk, and [it’s] just a little bit wobbly right now,” founder Reed Hastings told analysts after the company reported sharply slower sign-ups in the first three months of the year. Worse yet, Netflix warned that in the US, its largest market, subscribers would be “roughly flat” through the first half of 2021.
Part of this is explained by the unique circumstances of the pandemic, with homebound viewers giving Netflix its best year ever in 2020, sealing its lead over fierce competition from Disney, Amazon, Apple and other large companies vying for a slice of the streaming economy.
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