Netflix Is Having Rapid Growth During Pandemic
Many businesses have suffered big impact during the COVID-19 global health emergency/economic crisis, movie theaters, cafes, restaurants, and gyms are those business impacted the hardest, it’s hard to imagine that some companies profit from the situation. The COVID-19 pandemic forces many people to stay home for weeks if not months, so what do they do to kill the time? It is obvious that many people spent time watching movies if you have a look on Netflix's results.
Netflix’s latest quarterly results showed that the business gained more paid subscribers over the past three months than ever before in its history. Nearly 16 million people signed up for the service in the first quarter, more than double Netflix’s own guidance given before the crisis hit in January.
Netflix also admit in a letter to its shareholders that they were fortunate to have a service that is even more meaningful to people confined at home.