Netflix sees record subscriptions during pandemic lockdown

Netflix reported soaring profits as subscriptions surged by almost 16 million at the streaming television service during coronavirus lockdown. Netflix made a profit of $709 million on revenue of $5.8 billion in the first three months of this year. The number of paid subscribers grew by 15.7 million from the previous quarter to total nearly 183 million, according to earnings figures.

Strict rules are keeping billions of people at home, effectively providing an enormous captive audience to entertainment giants competing in the streaming market. Netflix expects viewing and membership growth to decline as coronavirus concerns abate and people can move about more freely.

Source: Samaa