With people stuck at home due to coronavirus, Netflix set to reveal spike in demand for its services
Netflix is expected to have gained millions of subscribers when it reveals its first quarter results tomorrow.
With huge numbers of people stuck at home during the pandemic, the video streaming provider has seen a spike in demand for its services.
The firm, which is behind hit shows such as The Crown and Stranger Things, had expected to add 7m paying subscribers in the three months to March 31.
Prince among streamers: Netflix is behind hit shows such as The Crown (pictured)
But analysts now expect the figure to be far higher. Disney Plus unveiled a huge jump in subscribers last week, saying it added more than 23m in a month to exceed 50m in total.
Amazon Prime Video has also reportedly seen a surge in traffic. But experts at Morgan Stanley said few firms had gained from social distancing as much as Netflix, which already has a substantial lead over rivals with 167m subscribers.
Analyst Benjamin Swinburne said pressure on traditional broadcasters would boost Netflix, with advertising losses likely to force content budget cuts.
He claimed its lead was ‘perhaps insurmountable’. Its shares are up more than 30 per cent this year, and it was valued at almost £150 billion on Friday, with Disney at £151 billion.