Netflix adds 15.8 million new subscribers, posts growth of 22%
Netflix, which has over 182 million subscribers now, has been seeing a surge in membership growth like other home entertainment services
Video streaming platform Netflix has added 15.8 million subscribers in the first quarter of 2020 which is a growth of 22 per cent (year-over-year). It has registered a quarterly revenue of $5.77 billion.
Netflix, which has over 182 million subscribers now, has been seeing a surge in membership growth like other home entertainment services.
"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 company has said in its letter.
Though production has been stopped, Netflix has said it benefits from a collection of films that have already been completed or are in the post-production stage.
Netflix has acknowledged the membership growth has temporarily accelerated due to home confinement in the wake of the COVID-19 outbreak. Its international revenue will be affected by sharply rising US dollar and some content will be delayed by a quarter due to the current situation.