Netflix is having a very good year thanks partly to the current pandemic. During the first 3 months of the year, the company added 16 million subscribers globally. This is quite a big number considering that Netflix is not the only streaming platform, we do have some that came to the market towards the end of 2019.
With the pandemic forcing people to stay home, streaming services have seen a spike in the number of users accessing their platforms. Netflix seems to be one of the winners here attracting more users than it expected.
The 16 million new users are more than double what the company predicted back in January. This was before the current pandemic had wreaked havoc in society. The three-month period in the beginning of 2020 is Netflix’s best gain in its 13 year history.
With the addition of the 16 million new subscribers, Netflix now has 182 million subscribers worldwide. During this quarter, the company saw its revenue top $5.77 billion versus the $5.76 billion estimated. An all round good quarter for the streaming service.
“some of the lockdown growth will turn out to be pull-forward from the multi-year organic growth trend, resulting in slower growth after the lockdown is lifted country-by-country.” The letter adds that executives expect “viewing to decline and membership growth to decelerate as home confinement ends, which we hope is soon,” Netflix said in a letter to its shareholders.
“At Netflix, we’re acutely aware that we are fortunate to have a service that is even more meaningful to people confined at home, and which we can operate remotely with minimal disruption in the short to medium term,” the letter reads.
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