Not Shocking: Business is Booming for Netflix During the Pandemic
Netflix has added a ton of new subscribers during the coronavirus pandemic.
According to KXXV, the streaming giant revealed it had gained 10.1 million subscribers between April and June. The company ended the second quarter of 2020 with a whopping 193 million subscribers worldwide. The United States and Canada make up the company’s largest geographic market with 70 million subscribers.
Netflix said that most of the growth happened during the “initial shock of Covid and social restrictions” and has slowed significantly since. Current forecasts have the company adding 2.5 million customers in the current quarter.
However, Netflix is concerned that with Hollywood being shut down, it will lose its appeal once people run out of new programs to watch. Personally, I tend to watch a lot of older stuff, so they should be just fine if most people are like me.
My guess is the pandemic has been good for all of the streaming services. Our family subscribes to Netflix, Amazon, Hulu and Disney+ and we’ve spent the lion’s share of our time in quarantine streaming content on all of the platforms.
I’ll be interesting to see just how profitable the pandemic has been for streaming services as well as cable and satellite companies when all is said and done.