Business

Netflix faces rocky road after pandemic wins

January 21, 2022 11:50 am

Don't Look Up stars Leonardo DiCaprio.

The number of Netflix subscribers grew to 222 million last year, but the streaming firm is facing a rocky road ahead as the surge of interest it saw during the pandemic fades.

Overall, Netflix added 18.2 million members last year – roughly half the number who subscribed in 2020.

Investors had hoped that pace would start to pick up again.

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But the firm’s 2022 forecast brought bad news, sending shares down almost 20% in after-hours trade.

The firm said it expected to add just 2.5 million members in the three months to March – far lower than analysts had expected.

Netflix, which added 8.3 million subscribers in the last three months of 2021, maintained that there is room to grow, as more and more people switch away from traditional television.