Netflix reported that subscriptions surged by almost 16 million at the streaming television service during lockdowns to slow the spread of the coronavirus pandemic. — AFP pic
Strict confinement rules are keeping billions of people at home in a bid to curtail the outbreak, effectively providing an enormous captive audience to entertainment giants competing in the streaming market. Netflix expects viewing and membership growth to decline as coronavirus concerns abate and people can move about more freely.
The company’s shares danced fractionally around their closing price in after-market trades that followed the release of the earnings report. “No one knows how long it will be until we can safely restart physical production in various countries, and, once we can, what international travel will be possible.”