Daily Management Review

Netflix adds 10M subscribers amid COVID-19 lockdown, appoints new CEO


Online cinema Netflix said onThursday that it added more than 10 million subscribers in the second quarter and that the company will now be run by two CEOs.

In April-June, when travel restrictions were imposed in the United States and other countries due to the novel coronavirus, Netflix gained 10.1 million paid subscribers. This is the second quarter when growth exceeds the 10 million mark.

In addition, net revenue in March-June 2020 was $ 720 million versus $ 270 million in the second quarter of 2019, and turnover rose to $ 6.15 billion.

Ted Sarandos, who led the original manufacturing business, was promoted to CEO of the company - now he will manage it on an equal footing with co-founder Reed Hastings.

Netflix shares rose a modest 0.79% on Thursday amid fears that outstripping subscriber growth due to coronavirus restrictions will backfire with lower growth in the second half of the year. 

source: bloomberg.com