Rabat – American streaming platform Netflix has welcomed 15.7 million new subscribers worldwide since the beginning of 2020.
Thanks to the COVID-19 pandemic and ensuing lockdowns, Netflix has far exceeded its initial first fiscal quarter prediction of seven million new subscribers.
With 182.8 million total subscribers worldwide—a 23% increase from the same period in 2019—Netflix is the largest streaming platform in the world.
In the first three months of the year, the streaming company achieved $5.8 billion in total revenue and a net income of $709 million.
The special circumstances of the COVID-19 pandemic have forced people to remain at home, and many have turned to Netflix for entertainment.
Despite Netflix’s success, CEO of the company Reed Hastings adopted a solemn tone in his letter to shareholders, noting the “terrible crisis” that has fueled the increase in subscriptions.
“At Netflix, we’re acutely aware that we are fortunate to have a service that is even more meaningful to people confined at home, and which we can operate remotely with minimal disruption in the short to medium term,” he wrote.
“Like other home entertainment services, we’re seeing temporarily higher viewing and increased membership growth,” he continued.
“Everyone is wrestling with the implications, both on health, hunger, and poverty, and we, too are really unsure about what the future brings,” Hastings stated.
“The coronavirus has reached every corner of the world and, in the absence of a widespread treatment or vaccine, no one knows how or when this terrible crisis will end,” the CEO concluded.
Netflix predicts only 7.5 million new subscribers in the second fiscal quarter of 2020, and Hastings expects the platform’s viewing time and membership to decrease when lockdowns ease around the world.
He clarified, however, that the longevity of current confinement periods is uncertain and the current predictions for Q2 are “mostly guesswork.”
Adapting to COVID-19 demands
Netflix has recently made some educational content available on its YouTube channel for free, following requests from teachers as coronavirus-induced school closures persist.
“For many years, Netflix has allowed teachers to screen documentaries in their classrooms,” Netflix said in an April 17 statement on its website.
“However, this isn’t possible with schools closed. So at their request, we have made a selection of our documentary features and series available on the Netflix US YouTube channel,” the streaming platform added.
The free content includes feature documentaries and selected episodes from educational series, and each title is accompanied by educational resources that teachers and students can easily access.
The American company’s decision is a rare exception to standard marketing strategy, reflecting its adherence to the worldwide campaign to enrich remote learning. The move might also help boost subscribers to Netflix’s YouTube channel.
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