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Coronavirus: Lockdown helps Netflix add record 16m subscribers

Netflix has reported a record surge in new subscriptions as more people seek entertainment while stuck at home during the coronavirus pandemic.

The streaming service added 15.8 million customers during the first quarter, double the number expected by Wall Street – taking the total to 182.9 million at the end of March. Sponsored link

It was the biggest three-month gain in the company’s 13-year history and cemented its status as an in-demand consumer service during the lockdown crisis.

The figures came as Snap, the owner of Snapchat, also saw a boost from the restrictions as user numbers jumped.

Netflix was helped by demand for series such as true-crime documentary “Tiger King” and reality show “Love is Blind” as well as Spanish-language thriller “Money Heist”.

Roughly half of UK homes now subscribe to streaming services
Image:Netflix had more than 180 million paying customers at the end of March

Revenues rose 28% compared to the same period last year to $5.77bn while profit more than doubled to $709m.

It said it expects to add 7.5 million more users in the current April-June period though admitted this was “mostly guesswork” given uncertainty about when lockdowns might be lifted.