Netflix is losing customers, to Fortnite and not to HBO.
The company said in a letter to investors Thursday that “Fortnite,” the popular video game, is stealing more streams than HBO. Netflix said in the letter. “There are thousands of competitors in this highly fragmented market vying to entertain consumers and low barriers to entry for those great experiences.”
Netflix only mentioned HBO as a competitor in that part of the letter. There was no mention of Hulu or Amazon Prime, which are often believed to be main competitors to Netflix. Netflix added it’s not worried about traditional TV or movie programming services.
Netflix isn’t concerned about Disney Plus or Amazon right now. Rather, the company hopes to improve its customer experience. Netflix’s revenue hit $16 billion in 2018. The company said it owns 10 percent of television screen time in the U.S.