COVID-19 offers Netflix a silver lining as it adds 15.7 million new subscribers

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Opportunities do present themselves in different ways. With almost everyone taking to their couches or working from home due to the novel Coronavirus pandemic that has brought the world to a near standstill, it was evident that ISPs, telcos, and streaming services will reap big.

Netflix has more than doubled its Q1 forecast announcing 15.77 million paid net additions from an initial forecast of 7 million, bring the number of its paid subscriber count to 182.86 million.

Meanwhile, the company also reported revenue of $5.77 billion and earnings per share of $1.57.

Netflix is treating this growth as a short-term spike, with viewing and growth declining as “progress against the virus will allow governments to lift the home confinement soon.” So it’s forecasting a mere 7.5 million global net additions in Q2.

As for how the global halt to movie and TV production might affect the service’s content plans, the company says there will only be a “modest” impact in Q2, mostly in language dubbing.