Netflix’s subscriber base has grown exponentially this year due to the introduction of lockdown in various parts of the world and the need for home entertainment. In the first three months of this year, the number of Netflix users increased by about 16 million.
That number is almost double the number of new customers added in 2019. But the streaming service, which is involved in the production of some large-scale content, said the shutdown affected almost all cinematography around the world.
New customers added outside the United States due to the sharp fall in the value of various currencies are not as profitable for the company as they used to be when the effects of the coronavirus began to show.
Investors had hoped that Netflix would become stronger financially during the shutdown, with the company’s share price rising more than 30 percent.
This Article Also May Help you
Demand for this specialty has grown significantly as a result of recent corporate scandals. Last month, Netflix announced it would reduce the quality of its videos to reduce the impact on Internet service providers.
The company has added 2,000 employees for customer service in Europe. Netflix expects to add another 7.5 million subscribers by the end of this month, more than analysts had expected.
However, the company said that the number of viewers will decrease as soon as the lockdown is removed worldwide.