Netflix growth hits nearly three-year low

Netflix co-CEO Ted Sarandos said the streaming company is “not growing as fast as I want us to” after it posted its lowest growth rate in nearly three years.

Netflix recorded growth of 13.4 percent between April and June and a two percent rise in viewing hours in the first half of the year.

Speaking Wednesday at the Bloomberg Screentime conference in Los Angeles, Sarandos said live programming could “move the needle” on growth.

Live shows take up five percent of Netflix's annual $20 billion content budget and generate one percent of viewing, but Sarandos said they help with signups, retention and advertising.

He said films and television series would remain Netflix's priority because the company is in the professionally produced content business.

Sarandos also said he had no regrets about Netflix's unsuccessful attempt to acquire Warner Bros. Discovery, saying the plan was “solid.” Netflix had joined the bidding for assets including Warner Bros. Pictures, CNN and HBO Max, but lost to an offer from Paramount Skydance.

A US federal judge approved a settlement on Wednesday that clears the way for Paramount's takeover of Warner Bros. Discovery.