The much-talked-about streaming wars are just around the corner as Disney and Apple are set to enter the video streaming market in a few weeks. And ahead of the new competition, there’s been a lot of talk about how well Netflix will deal with the increased competition in the market.
The company today shared its earnings for Q3 2019, reporting $5.2 billion in revenue, up 31% YoY. The company added 6.8 million subscribers over the last quarter, falling short of its 7m forecast, but still growing its entire subscriber base to a total of 158 million.
Netflix is highlighting the strength of its original programming ahead of the upcoming competition, focusing on aspects like the variety, diversity, and quality of its original shows and movies. Although the company does expect its growth to be hit due to the launch of Disney+ and Apple TV+ in the short-term, it still expects the growth to continue “nicely” in the longer-run. “While the new competitors have some great titles (especially catalog titles), none have the variety, diversity and quality of new original programming that we are producing around the world,” Netflix noted.
One of the company’s most popular original shows, Stranger Things, also hit a major milestone with Season 3, which is apparently the most-watched season to date. 64 million member households watched the show in the first four weeks of release, according to Netflix.
The company says it’s “ready to compete” to earn customers’ attention and viewing as it prepares for the new wave of competition.