Netflix has acquired a number of paid membership as it grew by 15.8m this quarter to a total of 183m (19.8m from APAC, 62% from outside of the US) plus an acceptable 22.8% year-over-year increase that was higher than forecast.
It has more than double what the company forecast in its prior earnings report, the successful streaming app is among the first entertainment companies to report earnings since the coronavirus pandemic began disrupting film and television productions. The outbreak had made the company’s considerable subscriber gains as it confirms that many consumers are turning to streaming services to keep themselves entertained due to stay-at-home orders and social distancing guidelines.
Though Netflix reported strong subscriber it gains a recorded $5.8 billion in total revenue, up 29% during the same period last year, which was in-line with our guidance due to the appreciation in the US dollar vs. other currencies. APAC contributed $484 million to the revenue in Q1, up 51.3% year-over-year.
Q1 slate highlighted the variety of content that people enjoy en masse all over the world on Netflix: scripted English language series like Ozark season 3 (a projected 29m member households will have chosen to watch this season in its first four weeks), the riveting docu-series Tiger King: Murder, Mayhem and Madness (64m), our breakthrough unscripted dating show Love is Blind (30m), original film Spenser Confidential (85m), and season four of the Spanish language hit La Casa de Papel, aka Money Heist (a projected 65m), which debuted in early April.
Meanwhile for Q2, Netlfix is looking forward to the launch of Space Force, their new original comedy series created by Greg Daniels (The Office) and Steve Carell, starring Carell, John Malkovich and Lisa Kudrow. Also they have launched their latest buzzy unscripted series Too Hot to Handle, #BlackAF from Kenya Barris and, outside the US, the Michael Jordan documentary The Last Dance, which we co-produced with ESPN (launching on Netflix in the US on July 19). The company will also premiere Hollywood from Ryan Murphy, and, later this week, Extraction, a large scale action film starring Chris Hemsworth and directed by Sam Hargrave, who was the stunt coordinator and choreographer on films like Avengers: Endgame, Avengers: Infinity War, Deadpool 2, and Captain America: Civil War.
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