Netflix has Surpassed Huge Media Tycoons amidst Corona Pandemic!
Kudos to ‘Tiger King’ which made Netflix reach heights even during the pandemic outbreak amidst its huge competitors like WarnerMedia, Disney, etc. Surprisingly the online streamer has closed its share this Friday with $422.96 which is 30% high from its previous shares post its downfall in March.
This was possible as lockdown has shut the entertainment industry on the whole and the only entertainment for fans is the online platform and its new films and series.
Further, Eric Schiffer CEO of the Patriarch Organization stated that: “Netflix will flex its financial power and show rocketing revenues,” and “Netflix’s lowered costs from the freeze on production mixed with phenomenally high subscriber growth will reveal stronger profits spotlighting how it’s extremely well-positioned.”
Though Netflix is dependent on new subscriptions to gain profits, it sometimes criticized as cons. But fortunately, this has become an asset for the streamer as the usual media has been facing a crisis due to COVID-19.
The shares of the online business have been soaring high ever since 2018 amidst trafficking and new contracts. Like Schiffer said the online streamer has gone down than the usual but some of the newly premiered series have been enabling the going.
As per reports, Netflix subscriptions have gone up to 100% within a year compared to January and February. By the week of 22nd March, there was a huge transformation for Netflix to go up to 125% YoY and remain consistent till now.
