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Netflix surpasses expectations, hits 15.8 million subscribers in the first quarter

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Netflix has announced that it has doubled the number of expected subscribers in the first three months of the year to its subscription streaming video family as the coronavirus pandemic ravages on. 

The popular internet entertainment service added 15.8 million subscribers, more than double its expected 7.2 million that were expected — a growth of more than 22 percent year over year. Netflix now has 182 million subscribers worldwide. The company also saw quarterly revenue of $5.77 billion versus the $5.76 billion estimated.

As millions across the world continue quarantining, staying at home and countries going into total lockdown, entertainment continues to play an important role during these hard times. 

“At Netflix, we’re acutely aware that we are fortunate to have a service that is even more meaningful to people confined at home, and which we can operate remotely with minimal disruption in the short to medium term,”

Netflix statement

According to The Verge, Netflix’s consistent stream of new originals gives them a leg up over other streaming services. One of the biggest advantages Netflix has over its competitors’ ties directly into its release strategy; because full seasons of shows are available at once, Netflix has to have full seasons ready to go. That means TV shows it has in the pipeline for May, June, and July are fully complete seasons, so Netflix doesn’t have to worry about filming more episodes as other networks do. 

Netflix still expects to release all of its originally planned shows and films in the first half of the year. It is also acquiring already completed projects elsewhere, like its recent deal to stream indie comedy The Lovebirds starring Issa Rae and Kumail Nanjiani and a Sherlock Holmes spinoff movie, Enola Holmes, starring Millie Bobbie Brown.

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