Netflix added 15.8 million subscribers during the first quarter of the year, a period of record growth that has rocketed its global base to nearly 183 million
People watching more entertainment programming while sheltering at home propelled Netflix to a strong first three months of 2020.
In spite of the strong period, CEO Reed Hastings hit a somber note in his letter to shareholders. "In our 20+ year history, we have never seen a future more uncertain or unsettling," he wrote. "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.
Netflix's strong quarter comes amid a flurry of new competition. Apple and Disney both entered the streaming business at the end of 2019, and NBCUniversal and WarnerMedia are launching products this year. During the investor video, Hastings reiterated that the increased competition would lift the streaming category. But he acknowledged that Netflix would up its kids and family programming to compete with newcomer Disney+.
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