The coronavirus pandemic has changed the landscape of the entire entertainment industry as we know it, shutting down productions, closing theme parks, and causing hordes of movie release delays. However, Netflix is thriving in the middle of the crisis, due to its massive library and extreme accessibility. More people are streaming content now than ever before, which has helped Netflix stocks soar to an all-time high. It may seem hard to believe, but Netflix is currently worth more than Disney. Not just the streaming branch of the company, but the entire Mouse House.
Thanks to its rapid climb this past week, Netflix is now valued at $426.75 per share, giving the company a current market capitalization of $187.3 billion, according to Variety. That's enough for the streaming giant to pass Disney, which is currently valued at $186.6 billion.
Disney has long been one of the true behemoth's of entertainment. That will continue long after this pandemic ends. Right now, though, Disney is struggling. The company's newly-launched streaming service is doing incredibly well, but that only accounts for a small chunk of its overall revenue. Walt Disney World and Disneyland, as well as all of Disney's Asian parks, remain closed due to the pandemic. The Disney-owned ESPN has also taken a massive blow without any live sports to cover. All in all, Disney is reportedly losing about $30 million each day.0comments
Fortunately for Disney, it does have streaming services like Disney+ and Hulu to keep revenue coming in during this difficult time. This week, just months after its initial launch, Disney+ passed 50 million subscribers globally. This puts the service way ahead of most early predictions, showing that it can be a powerhouse in the years to come.
As for Netflix, the streamer still has a ton of original content already prepared to launch, so the current production shutdowns aren't going to interfere with new releases for quite a while. The world needs entertainment, and Netflix is one of the only places able to consistently provide it.