Netflix also was the first to begin mass-producing original content specifically for streaming, and had a massive pipeline of content it had already filmed when the pandemic shut down production. Of those who watch Netflix more than seven hours a week, 60% said they were willing to pay more in May, compared with 52% in December. Those who said they are willing to pay more for Netflix rose from 47% in December to 55% in May. One advantage it enjoys is fierce loyalty among customers, according to a poll cited by Cowen. Netflix leads a pack of media heavyweights that include Disney, Apple Inc.’s Read more: Here’s everything coming to Netflix in July 2020 - and what’s leaving
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Netflix’s enduring strength is a reflection not just of its popularity and broad slate of programming – it recently announced a dramatic series on Colin Kaepernick’s high school years and a reboot of the 1980s hit docuseries “Unsolved Mysteries” among a flood of original programming in July – but the residue of COVID-19, which has accelerated many pre-existing secular trends, including the shift away from linear TV toward on-demand viewing, say analysts. Netflix predicted 7.5 million when it reported first-quarter earnings in April. Morgan analyst Doug Anmuth lifted his projection to 8.5 million from 7.4 million. Stifel Nicolaus analyst Scott Devitt, one of Netflix’s more bullish analysts on Wall Street, predicts the addition of 10.1 million new paid subscribers in the quarter analysts polled by FactSet, by comparison, predict 8.22 million - although that number has climbed in recent days. They also expect Netflix to report 12.5 million net subscriber additions in the second quarter.Īt least one other analyst expects a smashing repeat of the first quarter. How about more record closing stock prices and yet another blockbuster quarter of new subscribers when the company reports second-quarter results on July 16? The stock, currently trading at record prices of almost $550 a share, could soar to $670 based on a blowout quarter, according to Goldman Sachs analysts, whose previous target price was $540. The runaway success of streaming services during the pandemic leads to the invariable entertainment-tinged question: What does Netflix do for a sequel? Later reported that Disney+ attracted 54.5 million paid subscribers in just six months, and may have headed much higher after the triumphant debut of “Hamilton” on that service July 3. To add an exclamation to his point, Walt Disney Co. The seismic shift to streaming from viewers who had held on to cable bundles empathetically validated the yearslong prophesy of Netflix Chief Executive Reed Hastings. Read more: Netflix has biggest quarter with nearly 16 million new subscribers signing on Reported the addition of a record 15.77 million paid subscribers globally in the first quarter - double the new subscribers it expected - propelling its stock price more than 65% higher. Viewership of the streaming service has soared since shelter-in-place orders swept the country in March.
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