Netflix bags 16 million new sign ups in first three months of 2020

Streaming service enjoys double the new sign up rate it saw in the final months of 2019.

Netflix has enjoyed a surge in new sign ups thanks to the lockdown measures imposed across the globe.

The streaming service said that almost 16 million people created accounts in the first three months of 2020.

This is almost double the new sign ups it saw in the final months of 2019, reported BBC News.

In terms of popular content, Netflix said that its documentary series Tiger King has reached 64 million households.

Looking forward, Netflix expects to add a further 7.5 million members in the three months to the end of June, which is above analyst expectations. However, it sounded a note of caution that viewers and growth would slow as lockdowns begin to lift around the world.

And, although it expects to stick to its release schedule through June and has been acquiring other movies to keep content fresh, the shutdowns have halted “almost all” filming around the world. These production delays could potentially hurt future membership growth.

Europe, the Middle East and Africa accounted for the biggest number of new members, with almost seven million new subscribers. The US and Canada saw 2.3 million new members, compared with 550,000 in the final months of 2019.

Netflix now has more than 182 million subscribers worldwide.

Netflix said revenue increased to $5.76 billion, up more than 27% compared to the same period in 2019. Profits almost doubled from $344 million in the first quarter of 2019 to $709 million.

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