Netflix hits a record of almost 16 million new subscribers in the first quarter of 2020, especially during the period of coronavirus lockdowns, according to various sources.
The streaming giant already has 183 million total subscribers worldwide after adding the said sheer number of subscribers in this period. Netflix said that they only expected to have 7 million additional subscribers. According to Variety, Netflix expects a slower growth once the lockdowns are lifted.
"[O]ur membership growth has temporarily accelerated due to home confinement," Netflix said in its quarterly shareholder letter to its shareholders. Netflix added that due to lockdowns that closed production companies in Hollywood, "some cash spending on content will be delayed, improving our free cash flow, and some title releases will be delayed, typically by a quarter."
Netflix's CEO, Reed Hastings, also said he has never seen an unsettling future. He added that due to the widespread of the pandemic and non-availability of vaccines and medicines, no one knows when it will end. Hastings said that what is clear is the rising human cost in terms of death counts and unemployment.
Binge-Worthy Shows
Netflix has stopped production since March 13 and set up a $100 million fund for its workers who were affected by the pandemic. However, it continues to stream its original canned shows. Some of which are said to be "binge-worthy." More than 29 million viewers have seen the third season of the show Ozark, according to Variety. Docudrama Tiger King has garnered 64 million views within the first month of its availability. Spanish series Money Heist, on the other, had, has had 65 million views since the release of its fourth season on April 3. The original film Spenser Confidential has attracted 85 million viewers.
Mihir Haria Shah, head of the broadcast at Total Media, told The Guardian that the service Netflix has is needed for people being confined at their homes due to the coronavirus lockdowns. Total Media also said that Netflix would have a temporary high viewing and increased membership growth. According to Shah, Netflix must continue the growth they have today since the impact of the pandemic remains yet to be seen.
Tiger King is a docuseries focusing on tiger pet owner Joe Maldonado - Passage, also known as Joe Exotic having a feud with animal rights organization head Carole Baskin. The docuseries showed the heated tensions between the two camps and the murder plot by Joe Exotic against Baskin, leading to the former's arrest.
According to Netflix, Money Heist is a four seasoned Spanish crime drama that tells the story of eight thieves who took hostages and lock themselves in the Royal Mint of Spain. The mastermind manipulates the police to carry out his sinister plans.
Spenser Confidential is a movie about a former police officer and former convict teamed up to uncover a conspiracy linking to the deaths of two police officers in Boston.
Ozark is a three seasoned series about a financial officer who drags his family from Chicago to the Ozarks of Missouri and launders half-a-million dollars for five years to appease a drug kingpin.
Competition
Despite its growth, especially this first quarter, Netflix is still facing competition from other sites like Warner Media, NBCUniversal, and Disney Plus. Warner Media is now planning to launch HBO Max on May 27, and NBCUniversal is now setting its plans for the launch of its streaming site named Peacock. Disney Plus now has 50 million paid subscribers as of early April only five months after it was launched last year.
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