Netflix Adds 10 Million New Subscribers Amid Coronavirus Quarantines in Q2

A lot of our everyday lives have changed thanks to the COVID-19 pandemic, with worries about the virus' spread leading to calls to social distance or stay at home entirely. As a result, many have been turning to instant forms of entertainment, whether that be video games or movies and TV shows on streaming services. If new numbers from Netflix are any indication, it sounds like the streaming giant definitely benefitted from that change in habits due to the pandemic. On Thursday, the company announced that it had 10.1 million net new streaming subscribers in its second quarter, numbers that are apparently record-breaking for the company.

“We live in uncertain times with restrictions on what we can do socially and many people are turning to
entertainment for relaxation, connection, comfort and stimulation,” Netflix said in its quarterly shareholder letter.

The company also posted revenue of $6.15 billion, with a net income of $1.59 per share. But apparently, the streaming titan is not banking on the idea of more growth in the second half of 2020, with the company forecast suggesting only 2.5 million customers in the third quarter.

“We expect less growth for the second half of 2020 compared to the prior year,” Netflix's letter continues. “As we navigate these turbulent circumstances, we’re focused on our members by continuing to improve the quality of our service and bringing new films and shows to people’s screens.”

That notion of "continuing to improve the quality of our service" is certainly a welcomed one, especially as other rival streaming services such as HBO Max and Peacock have launched in recent months. Netflix has made a handful of cosmetic changes to improve the experience of using its service, including its Top 10 list and the option to remove shows from your "Continue Watching" row. The streamer also has put out several high-profile titles during the quarantine, including Tiger King, Space Force, Extraction, and The Old Guard.

"Our membership growth has temporarily accelerated due to home confinement," Netflix said in a statement in April. "Some cash spending on content will be delayed, improving our free cash flow, and some titles will be delayed, typically by a quarter."

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h/t: Variety

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