SAN FRANCISCO: Netflix on Tuesday (Apr 21) reported soaring profits as paid subscriptions surged by more than 15 million at the streaming ...
Netflix reported a jump in paid subscriptions as strict confinement rules keep millions of people at home in a bid to curtail the coronavirus outbreak, effectively providing an enormous captive audience to the entertainment giant. REUTERS/Dado Ruvic/File photoSAN FRANCISCO: Netflix on Tuesday reported soaring profits as paid subscriptions surged by more than 15 million at the streaming television service during lockdowns to slow the spread of the pandemic.
Netflix expects viewing and membership growth to decline as coronavirus concerns abate and people can move about more freely.Advertisement"Hopefully, progress against the virus will allow governments to lift the home confinement soon."The California-based company said that the long-term effects of huge job losses due to the coronavirus crisis on Netflix revenue remained unclear.
The coronavirus crisis had three main effects on Netflix's financial performance, the first being temporary acceleration in membership growth, according to the company.Meanwhile, the shutdown of show production has postponed expenses and freed up cash at the company in the short-term. "Our member satisfaction may be less impacted than our peers' by a shortage of new content, but it will take time to tell," Netflix said.
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