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Covid-19 lockdown adds 15.8 million new customers for Netflix

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The company's biggest expansion from January through March came from Europe, where it added 4.4 million new customers. Photo: REUTERS

The company's biggest expansion from January through March came from Europe, where it added 4.4 million new customers. Photo: REUTERS

REUTERS

The company's biggest expansion from January through March came from Europe, where it added 4.4 million new customers. Photo: REUTERS

Netflix gained 15.8 million paying customers from January through March, as quarantined audiences binged on series such as "Tiger King".

The additions bring the world's largest streaming service's global consumer total to 182.9 million.

The extra customers are more than double Netflix's own projections, with the company having predicted it would add 7 million during the period.

The company warned that it expected fewer new subscribers from July to December compared with a year earlier, however. Many people who would have joined then are likely to have already signed up, executives said.

"We expect viewing to decline and membership growth to decelerate as home confinement ends," Netflix said in a letter to shareholders.

The company's biggest expansion from January through March came from Europe, where it added 4.4 million new customers.

However, it did not release individual country growth figures.

Total revenue rose to $5.77bn (€5.3bn) from $4.52bn.

In the quarter, Netflix true-crime documentary "Tiger King," about a colourful Oklahoma zookeeper, became a cultural sensation. It also released reality show "Love is Blind," and a new season of Spanish-language thriller "Money Heist".

Most programming for 2020, and much of 2021, already has been filmed and is being finished remotely in post-production, chief content officer Ted Sarandos said in a post-earnings interview.

"We don't anticipate moving the schedule around much, certainly not in 2020," Mr Sarandos said.

The company is among the few businesses to benefit from restrictions imposed worldwide in March to stop the spread of the highly infectious coronavirus.

Reuters

Reuters