A day after revealing that it gained nearly 16 million new subscribers in the first quarter of the year, Netflix says it plans to offer $1 billion in new bond sales so it can acquire and produce more content.
and announced on Tuesday that it has $162 million in free cash flow. However, this comes in part from halting most production due to the pandemic.
"When it comes to production, almost all filming has now been stopped globally," except in a few countries including Korea and Iceland,"This has been devastating for millions of workers in the TV and film industry — electricians, hair and make-up artists, carpenters and drivers who are often paid hourly wages and work project-to-project," the company said.
Netflix also said it gained 15.8 million net subscribers in the first quarter of the year, though it projects slower growth in subscribers for the next three months, anticipating 7.5 million in what it calls"global paid additions."that even with the recent growth in subscribers, it's difficult to know when the company will be able to start new projects because of the coronavirus pandemic.
"It's super hard to say if there's strategic long-term implications," Hastings said, because"we've just been scrambling to keep our service running well." Still, he added,"Our small contribution in these difficult times is to make home confinement a little more bearable."
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