Chris

Not surprising - they really just ate their own lunch last year, gaining a good chunk of the subs they might otherwise have had to work longer and harder to attract. The double whammy is unfortunate, with the forthcoming new content slowdown caused by the same pandemic that also caused the rapid increase in subs. Institutional investors will be worried that insufficient new content over the coming months will test the commitment of some of their newer subscribers, who may only have signed up because they were stuck at home.