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Netflix bleeds subscribers in US and Canada, with no sign of recovery – Ars Technica

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Netflix bleeds subscribers in US and Canada, with no sign of recovery
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Netflix lost 430,000 subscribers in the US and Canada in the second quarter and issued weaker than expected forecasts for later in the year, rekindling investor doubts over how the streaming group will fare after the economic reopening.

The California-based company predicted it would add 3.5 million subscribers in the third quarter, disappointing investors who were looking for a stronger rebound in the second half of the year. Analysts had forecast that Netflix would add 5.9 million subscribers during the third quarter.

In the past year and a half, Disney, Apple, WarnerMedia, Comcast and others have launched streaming platforms, and there are more than 100 streaming services for consumers to choose from, according to data company Ampere.

Yet on a call for investors, executives dismissed the idea that competition was behind the weaker figures.

“Does HBO or Disney… have a differential impact compared to the past? We’re not seeing that in the [data] we have,” said Reed Hastings, Netflix co-chief executive. “That gives us comfort.”

Traditional media companies have spent the past few years consolidating in order to compete with Netflix. Most recently, Discovery agreed to merge with WarnerMedia to form a mega-streaming service.

Referencing the industry consolidation, Ted Sarandos, co-chief executive, told investors: “Let’s see if one plus one equals three… versus the typical one plus one equals two.”

Intrigue over Netflix’s plans to delve into video games helped offset the weakness in its core business, lifting the shares 0.8 percent in after-hours trading.

Netflix last week revealed the hiring of Mike Verdu, a 30-year veteran of the gaming industry. The company on Tuesday said it would initially focus on games for mobile phones and offer games at no extra cost to paying subscribers of the streaming group.

Hastings framed video games as a complement to Netflix’s existing business rather than a large new profit driver. “We’re a one-product company with a bunch of supporting elements.”

In total, Netflix added 1.5 million subscribers in the second quarter, just above Wall Street forecasts of 1.1 million.

After adding a record number of customers last year, subscriber growth has slowed sharply as competitors entered the market and people emerged from coronavirus pandemic lockdowns.

Sign-ups have ground to a halt in the US, Netflix’s largest market, where the majority of COVID restrictions have been rolled back.

“The pandemic has created unusual choppiness in our growth,” the company’s management told shareholders.

Netflix executives have blamed the subscriber number weakness on a lighter offering of shows and movies and promised that growth would pick up in the second half of 2021 with the return of titles such as The Witcher and Sex Education.

“COVID and its variants make predicting the future hard, but with productions largely running smoothly so far, we’re optimistic in our ability to deliver a strong second half [shows],” the company said.

Netflix remains by far the largest paid video streaming service, with 209 million subscribers, compared with 104 million for Disney Plus, its closest competitor.

Revenues in the second quarter rose 19 percent from the same period last year to $7.3 billion, meeting analysts’ forecasts. Net income increased to $1.4 billion, up from $720 million a year ago.

© 2021 The Financial Times Ltd. All rights reserved Not to be redistributed, copied, or modified in any way.

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Ontario reports single new COVID-19 case in Ottawa Tuesday – CTV Edmonton

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OTTAWA —
Public Health Ontario is reporting a single new case of COVID-19 in Ottawa Tuesday.

A full, local snapshot from Ottawa Public Health is due this afternoon. Daily case counts from OPH often differ from those provided by Public Health Ontario because the two health agencies pull data for their respective daily snapshot reports at different times of the day.

Across the province, Public Health Ontario added 164 new infections on Tuesday and said one more Ontarian had died due to COVID-19. Another 151 cases are now considered resolved.

There was no formal update on the holiday Monday, but the province released the figures Tuesday, reporting an additional 168 new cases and another new death.

Across eastern Ontario, provincial health officials added five additional cases in the last two days.

COVID-19 VACCINES IN OTTAWA

Ottawa Public Health updates vaccine numbers on Mondays, Wednesdays and Fridays. As of Monday:

  • Ottawa residents with 1 dose (12+): 767,352 
  • Ottawa residents with 2 doses (12+): 661,965 
  • Share of population 12 and older with at least one dose: 83 per cent
  • Share of population 12 and older fully vaccinated: 72 per cent
  • Total doses received in Ottawa*: 1,333,790

**Total doses received does not include doses shipped to pharmacies and primary care clinics, but statistics on Ottawa residents with one or two doses includes anyone with an Ottawa postal code who was vaccinated anywhere in Ontario. 

CASES OF COVID-19 AROUND THE REGION

  • Eastern Ontario Health Unit: One new case Monday, zero new cases Tuesday
  • Hastings Prince Edward Public Health: Zero new cases Monday, two new cases Tuesday
  • Kingston, Frontenac, Lennox & Addington Public Health: One new case Monday, zero new cases Tuesday
  • Leeds, Grenville & Lanark District Health Unit: Zero new cases Monday, one new case Tuesday
  • Renfrew County and District Health Unit: Zero new cases Monday and Tuesday

This story will be updated. CTV News Ottawa will have the latest as it becomes available.

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COVID-19: Ottawa reports seven new cases, fatal cases decline sharply in July – Ottawa Citizen

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Vaccinations have slowed considerably in the capital since the peak week in early July when nearly 133,000 doses were administered.

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Ottawa is reporting seven new laboratory-confirmed COVID-19 cases Monday as severe cases, hospitalizations and fatal outcomes continue to sharply decline in Ottawa while vaccination rates gradually climb.

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No deaths have been reported since early July, and there were two COVID-related deaths in the city during the month, while there were 14 deaths in June and 56 deaths in May. There have been 593 COVID-related deaths in the city since the beginning of the pandemic and 27,827 total cases.

There are currently no patients in local hospitals or in intensive care wards. Of Ottawa’s total cases, 27,184 people have now recovered.

There have been 49 cases in the last seven days at a rate of 4.6 cases per 100,000 population. That key indicator has remained relatively flat this week.

The virus reproduction rate, which measures the number of secondary cases generated by each COVID-19 case in the community, has a weekly R(t) value of 1.15. Any number above 1.0 indicates the virus is spreading in the community, while any value below that threshold indicates it is receding.

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The R(t) value was below that threshold during May and June, but has remained above 1.0 since mid-July. There has also been a slight rise in the viral signal in Ottawa’s wastewater over the last seven days, which typically signals a corresponding rise in daily case counts.

Ottawa’s test positivity average is 0.5 per cent for the past week.

Vaccinations have slowed considerably in the capital since the peak week in early July when nearly 133,000 doses were administered. There were 33,212 doses administered in Ottawa last week and 104,906 the week before.

Vaccinations so far in August have followed a similarly slowing pace with 4,277 doses administered on Sunday.

The city continues to outpace the provincial vaccination rate with 1,450,733 doses administered, with 799,882 first doses and 650,851 second doses administered. That represents 83 per cent of the eligible population (12-plus) with one dose and 72 per cent of eligible residents with both doses.

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Public Health Ontario did not release provincial data on the Civic Holiday Monday, and said the compiled data will be available during the regular morning update Tuesday.

There were 154 new cases in Quebec reported in the past 24 hours and no deaths in the province.

There are 61 patients in Quebec hospitals, one more admission since Friday, with 17 patients in ICU.

Another 38,883 vaccine doses were administered in the past 24 hours, and according to Monday’s provincial update, a total of 11,330,968 vaccine doses have been administered in Quebec, representing 74 per cent of the population.

Ontario reported 218 new cases on Sunday and two deaths, and as of the last update, the province had reported 550,654 total cases and 9,347 deaths. There were 78 patients in hospital and another 110 in ICU, with 78 requiring a ventilator.

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COVID-19 BY THE NUMBERS

Ottawa

(Reported Monday)

7: New cases

27,827: Total cases

0: New deaths

593: Total deaths

50: Active cases

0: In hospital

0: In ICU

4.6: Rolling seven-day average of cases per 100,000 people

0.5: Per cent test positivity, previous seven days

1.15: Estimated R(t), seven-day average. A number greater than one indicates the virus is spreading.

Ontario

(Reported Sunday. Due to Civic holiday, Monday’s data will be included in Tuesday’s update.)

218: New confirmed cases

550,654: Total cases

2: New deaths

9,347: Total deaths

78: Currently in hospital

*110: In intensive care

*78: On a ventilator

(*Note: Ontario Public Health statistics of ICU hospitalizations and ventilator cases contain some patients who no longer test positive for COVID-19, but who are being treated for conditions caused by the virus.)

60,583: Daily doses administered

19,519,781: Total doses administered

14,122: Tests conducted in previous 24 hours

1.4: Per cent positivity in cases

1.0: Estimated reproductive number, R(t). A number lower than one indicates the virus is receding.

  1. Place du Portage III in Gatineau will welcome some of the more than 200 volunteers who will be returning to work Tuesday.

    Some federal public service ‘pathfinders’ start returning to Ottawa-area workplaces Tuesday

  2. Composite image by Nicole Feriancek/ Postmedia. Photos L-R: Luis ACOSTA / AFP, Maddie Meyer/Getty Images, JEFF PACHOUD/AFP

    An unofficial ranking of the best and worst face masks at the Tokyo Olympics

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Russia Boosts July Oil Production As OPEC Allies Pump More – OilPrice.com

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Russia Boosts July Oil Production As OPEC+ Allies Pump More | OilPrice.com


Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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Russia saw its oil production rise for the first time in three months in July as OPEC+ continued to ease the production cuts and planned maintenance at some Russian oilfields ended.

Russia’s crude oil and condensate production combined stood at around 10.46 million barrels per day (bpd) in July, up by 0.3 percent from June, according to Bloomberg estimates based on preliminary data from Russia’s Energy Ministry.

In May and June, Russia’s crude and condensate production was lower despite the higher quota the leader of the non-OPEC group in the OPEC+ alliance had. According to the International Energy Agency (IEA), cited by Bloomberg, Russian crude oil production was lower in June because of planned maintenance.

It’s difficult to assess Russia’s compliance with the OPEC+ deal because its energy ministry is not breaking down crude oil and condensate production. Russia has won an exemption not to consider its condensate output as part of the production cut agreement.

As per Bloomberg estimates, if Russia’s condensate production in July was the same as in June, at around 900,000 bpd, then its crude oil production should have been 9.56 million bpd, above its quota of 9.495 million bpd for July. 

Russia’s compliance with the OPEC+ deal will be around 100 percent in July, Deputy Prime Minister and chief oil negotiator, Alexander Novak, told reporters in Moscow on Friday.

Russia can boost its oil production in August by 100,000 bpd, as per the parameters in the OPEC+ deal agreed in July, Novak added.

On July 18, the OPEC+ group decided it would start returning 400,000 bpd to the market every month beginning in August until it unwinds all the 5.8 million bpd cuts.

While Russia saw its oil production inch up by 0.3 percent month over month in July, OPEC’s oil production is estimated to have jumped last month by 610,000 bpd to 26.72 million bpd, the highest since April 2020, the monthly Reuters survey showed.

By Tsvetana Paraskova for Oilprice.com

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