Netflix added another 10 million subscribers worldwide during Q2, bringing its global total to 192.95 million subscribers.
The streamer beat expectations for the quarter, mostly helped by the global shutdown due to the coronavirus pandemic.
However, Netflix is forecasting a smaller increase in Q3 at just 2.5 million new subscribers, down from 6.8 million a year ago.
The company surprised the industry by announcing the appointment of Ted Sarandos to co-CEO, alongside Reed Hastings. Sarandos will continue as chief content officer; chief product officer Greg Peters has also been given the title of chief operating officer.
In a call with investors, Sarandos said they expect he believes the entertainment industry will never be the same after the pandemic, but things are “ramping up” in regards to the return of production.
“Even during the shutdown we are partially shot on a lot of shows, so when we can pick up them back up it’s not like starting from scratch again,” he said.
“Since our content production lead time is long, our 2020 plans for launching original shows and films continue to be largely intact,” added Hastings in a letter to shareholders. “For 2021, based on our current plan, we expect the paused productions will lead to a more second half weighted content slate in terms of our big titles, although we anticipate the total number of originals for the full year will still be higher than 2020.”