Netflix Surges to Record 16 Million New Subscribers Amid Global Pandemic
Netflix gains nearly 16 million paid subscribers in the first quarter of 2020, doubling its initial forecasts as worldwide coronavirus lockdowns keep consumers at home.
Netflix adds a record 15.77 million paid streaming subscribers in the first quarter of 2020, easily surpassing its original forecast of 7 million new customers. This massive surge brings the streaming giant's global total to 182.9 million paid members, representing a 22.8% increase from the previous year.
The unprecedented growth directly results from the global coronavirus pandemic, which forces millions of people to stay homebound. With populations under strict lockdown orders, consumers turn heavily to Netflix for entertainment, driving the company to blow past all prior Wall Street estimates.
Despite this historic quarterly win, Netflix warns that growth will likely slow down for the remainder of the year. The company anticipates that as governments lift lockdown restrictions and daily life returns to normal, the incredible surge in new sign-ups will naturally taper off.