Netflix adds 16 million subscribers as people stay at home

Netflix

The streaming service Netflix has doubled its new subscriber goal for the first quarter of 2020, with 15.77 million customers joining due to the coronavirus pandemic.

It now boasts 182.9 million paid subscribers globally, which is a 22.8 percent increase on the same period for the previous year.

“Our membership growth has temporarily accelerated due to home confinement,” Netflix told investors, adding that “some cash spending on content will be delayed, improving our free cash flow, and some title releases will be delayed, typically by a quarter.”

Viral series like Tiger King have also helped push the company to new heights, with 64 million viewers tuning in to the show. All this has resulted in a boost to the company’s stock price, which reached $458.80 USD per share.

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