World News

Netflix Gains 15.8 Million New Subscribers

Netflix has gained 15.8 million new subscribers in the first quarter of 2020 – compared to 9.6 million subscribers in the same period last year. This pushed a quarterly revenue of $5.77 billion, up from $4.52 billion last year. To date, Netflix has 182.8 million subscribers making it one of the world’s largest entertainment platforms. It gained 2.3 million subscribers in the United States and Canada and 13.5 million subscribers internationally.

An article by New York Times appends the increase in subscribers as the ‘results offer a vivid snapshot of how the coronavirus has affected the streaming industry, signifying the first real test of how durable online video has been during the pandemic’. The article praises the industry as a lifeline for Hollywood as the entertainment business is currently in a ‘virtual standstill’.

Netflix, Inc. is an American media-services provider and a production company headquartered in Los Gatos, California, founded in 1997 by Reed Hastings and Marc Randolph in Scotts Valley, California.

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