A US-based media-services provider and production company Netflix reported soaring profits as the subscriptions increased by almost 16 million during the lockdowns to the prevent the spread of the coronavirus pandemic.
“After record subscriber additions, Netflix is and will continue to be the media company least impacted by COVID-19,” Eric Haggstrom— eMarketer forecasting analyst said adding that the business of the company is a near-perfect fit to a population that is suddenly household.
According to the earning figures disclosed by the company, Netflix made a profit of $709 million on the revenue of $5.8 billion during the period of first three months of the current year. On the other hand, the number of paid subscribers on Netflix increased by 15.7 million from the previous quarter to a total of nearly 183 million.
Strict confinement rules are keeping billions of people at their homes in a bid to curtail the coronavirus outbreak, effectively providing an enormous captive audience to entertainment giants competing in the streaming market.