Netflix posts explosive growth, but boom may not last long
COVID-19 is hurting the global economy, but video-streaming services are profiting because they have a captive audience. Netflix added a record 15.8 million paid subscribers during the first quarter, almost double the 8.47 million forecast by Wall Street analysts. “We expect viewing to decline and membership growth to decelerate as home confinement ends.” While Covid-19 has been devastating to the global economy, video-streaming services like Netflix have found themselves with a captive audience. “Tiger King,” a documentary about big-cat zoo owners, was the biggest new hit series for Netflix in the U.S. since “Stranger Things.” Meanwhile, “Love Is Blind,” a dating show, drew 30 million viewers. Netflix produced free cash flow of $162 million in the first three months of the year, the first quarter that measurement was positive since at least 2014, according to data compiled by Bloomberg.
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