Netflix picked up nearly 16 million global subscribers during the first three months of the year!
Due to the coronavirus pandemic around the world that apparently led millions to cinch onto Netflix for entertainment and relaxation when most had nowhere to be but home.
Netflix more than doubled the quarterly growth it predicted in January, well before the COVID-19 outbreak began to shut down many major economies. This was the biggest three-month gain in the 13-year history of Netflix’s streaming service.
“Our small contribution to these difficult times is to make home confinement a little more bearable,” Netflix CEO Reed Hastings
The numbers released on Tuesday as part of Netflix’s first-quarter earnings report, supporting a growing belief that video streaming is likely to grow even as the overall U.S. economy sinks into its first recession in more than a decade.
Netflix shares edged up by less than 1% in Tuesday’s extended trading to $435.69, leaving them below last week’s record high of $449.52.
Even though it faces plenty of competition, Netflix appears better positioned to take advantage of the surging demand for TV shows and movies largely because of its head start in video streaming.
One notable exception is Walt Disney Co, whose recently launched streaming service is also stocked with perennial classics, especially for children who have even more free time than usual.
Hastings praised Disney’s fast start in streaming as “stunning” in his video call with investors. “My hat’s off to them,” he said. “We are both going to do great work.”
