Netflix sees record sign-ups during pandemic lockdowns

Netflix on Tuesday reported soaring profits as subscriptions surged by almost 16 million at the streaming television service during lockdowns to slow the spread of the coronavirus pandemic.

"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," Netflix executives said in a letter to investors. The streaming firm expects a net increase of 7.5 million paid subscriptions in the current quarter to June but said:"Given the uncertainty on home confinement timing, this is mostly guesswork."The California-based company said that the long-term effects of job losses due to the coronavirus crisis on Netflix's revenue remain unclear. The US alone has lost 22 million jobs since mid-March.

While the coronavirus crisis revved up membership growth, it has also strengthened the US dollar, offsetting revenue gains."But a significant chunk of consumer entertainment budgets have been opened up from the closures of movie theaters, sporting events, restaurants and bars."Another effect has been the shutdown of show production that has postponed expenses.

Source: News Formal (newsformal.com)

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