📚 Netflix Adds 16 Million New Subscribers as Homebound Consumers Stream Away

Netflix beat its forecast for subscriber growth in the first quarter as consumers in many countries stayed at home due to the coronavirus pandemic and hunted for ways to entertain themselves. From a report: The streaming giant said Tuesday it added 15.8 million new paid subscribers [alternative source] around the world in the quarter, more than double the 7 million new subscribers it had predicted for the period. In the first quarter a year ago, Netflix added 9.6 million new subscribers globally. "Like other home entertainment services, we're seeing temporarily higher viewing and increased membership growth. In our case, this is offset by a sharply stronger US dollar, depressing our international revenue, resulting in revenue-as-forecast. We expect viewing to decline and membership growth to decelerate as home confinement ends, which we hope is soon," Netflix said in its letter to shareholders.

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