Netflix adds 16M new subscribers due to lockdown

Netflix Inc. has added nearly 16 million new global subscribers during the first three months of the year owing to pandemic.

 As lockdowns around the world keep people housebound where they turn to streaming services to entertain themselves, Netflix more than doubled the quarterly growth it predicted in January, before the COVID-19 outbreak began to shut down many major economies.

The numbers released Tuesday as part of Netflix’s first-quarter earnings report; and the firm announced that it was the biggest three-month gain in the 13-year history of Netflix’s streaming service.

“Our small contribution to these difficult times is to make home confinement a little more bearable,” Netflix CEO said.

The firm expected to add another 7.5 million members in the three months to the end of June. But it warned investors that viewers and growth would decline as governments lift lockdowns around the world.

MM/FM