Forex

Netflix Gains 10M New Users Amid The Pandemic

Netflix Gains 10M New Users Amid The Pandemic

On Thursday, Netflix’s chief content officer, Ted Sarandos, was promoted as the co-CEO, along with the current CEO and founder Reed Hastings. The video-streaming firm also added more than 10M subscribers amid the corona crisis, when most people are sitting at home.

However, in a video-conferencing session, Hasting said he has no plans to leave the company at this time and would stay for the next decade. The decision means that both would serve as full-time executives, instead of working as two different CEOs.

Netflix added nearly 10.1 million subscribers between April to June, which is three times the number it normally gains during a quarter. The video service now has 193m subscribers in the world, out of which 70m are out of US and Canada. The second-quarter earnings of the firm also grew by approximately 8.34%.

Corona crisis has affected Hollywood and thus, the cinema halls, due to which no movie schedule to release in days to come and has not released for the last three months. The lockdown and other travel restrictions turned out to be a boon for Netflix, as well as its counterparts Amazon Prime, HBO Max, & Disney Hotstar Plus.

The experts predicted the COVID-19 as a pandemic on 11th March. Since then, the share prices of Netflix have risen nearly 75% to $525 now. Out of 193 million subscribers, 26 million joined the video streaming platform in the first six months of the current year only.

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