Netflix: Over 16 Million Sign Up in First Quarter Amid Corona virus Pandemic

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Netflix has become one of the nation’s all-around delights, serving both as a supercharged nanny during the coronavirus epidemic, and as a nightly balm.

More than 15.7 million people signed up for Netflix in the first three months of the year, when the coronavirus started to disrupt daily life around the world according to its first-quarter earnings announcement on Tuesday.

Making it one of the world’s largest entertainment service Netflix has 182.8 million subscribers. With 2.3 million in the United States and Canada and added 13.5 million internationally.

The organization recognized that it had fared well during the emergency, yet said it anticipated “review to decay and participation development to decelerate as home confinement closes, which we trust is soon.”

Netflix has benefited. It has no sports programming or commercials. Mostly. Hollywood studios have changed tactics to release movies to meet viewers on streaming platforms. Netflix revealed on Tuesday that it had acquired the rights to “Enola Holmes,” a period film set in the Sherlock Holmes universe, Legendary Entertainment, the studio behind the film, which originally intended a theatrical release.

“It’s an incredible tragedy for the world,” Reed Hastings, the chief executive, said on the earnings call after the announcement. “Everyone is wrestling with the implications, both on health, hunger, and poverty, and we too are really unsure about what the future brings.”

The industry as whole hasn’t had an easy time. Broadcasting and cable networks were thirsty for their most important programming: sports. Advertisers have cut spending on TV by as much as $12 billion, according to eMarketer, research company. And after stay-at-home orders were put in place, movie theaters have not been able to sell tickets.
Netflix faces a deep-pocketed slew of rivals. In November the Walt Disney Company launched Disney Plus and has already racked up more than 50 million subscribers. The NBCUniversal division of Comcast introduced Peacock to more than 15 million Comcast customers last week, before making it widely available this summer. AT&T revealed Tuesday that HBO Max, its long-awaited multi-billion dollar project would finally roll out on May 27.
Mr. Hastings praised Disney. “I’ve never seen such a good execution,” he said, echoing remarks he made in November. “Disney is the one we have the most to learn from in terms of entertainment,” he said at the time.

Netflix said it expected the current segment, which ends in June, to slow down somewhat on Tuesday. The company has estimated revenue of 7.5 million new subscribers and around $6 billion in sales and income of $820 million.  

While production firms have remained idle a widening void has opened up in the output lineup of the industry. Netflix has also put the releases on hold, but it is still paying employees out of a $150 million fund it created to shore up the Hollywood economy. 

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