Because of the lockdown, people are at their homes and are doing entertainment at home. People resorted to OTT playforms, and Netflix is at the forefront of the race. People took subscriptions to Netflix to entertain homes, and video streaming giant Netflix added 1.58 million subscribers in the first quarter of 2020. The shares were also good because of the increase in the customer.
The company has earning $5.77 billion in the first quarter, increasing the company's revenue by 22 per cent. Netflix now has over 182 million subscribers worldwide. The positive results are also evident. Despite the Kovid-19 epidemic and us dollar fluctuations, Netflix shares saw a 3.3 per cent spurt during early trading.
The company said in its letter to shareholders after announcing quarterly results on Tuesday, 0 "In our more than 20-year history, we have never seen so much uncertain about the future. In the absence of extensive treatment and vaccines, the coronovirus has reached every corner of the world, no one knows when or how this terrible crisis has come and what the end of it is. Many people lost their lives, millions of people went out of jobs.0 The letter says, 0 "We are fortunate that we have even more meaningful service for limited people in the home and we can operate it for some time with minimal disruption.0 "
Like other domestic entertainment services, Netflix is temporarily witnessing a sizeable increase in its subscribed ones. The letter further stated, 0 "Although our productions have stalled all over the world we are benefiting from the large amount available in the pipeline that were either completed or ready for launch or were available for production after shooting. So while our global production is halted, we expect to come up with a number of new titles in 2020 and by 2021.0 "
