PANDEMIC AND CHILL: NETFLIX ADDS A COOL 16M SUBSCRIBERS

Netflix picked up nearly 16 million global subscribers during the first three months of the year, helping cement its status as one of the world’s most essential services in times of isolation or crisis.

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The quarter spanned the beginning of stay-at-home orders in the U.S. and around the world, a response to the coronavirus pandemic that apparently led millions to latch onto Netflix for entertainment and comfort when most had nowhere to be but home.

Netflix more than doubled the quarterly growth it predicted in January, well before the COVID-19 outbreak began to shut down many major economies. It was the biggest three-month gain in the 13-year history of Netflix’s streaming service.

The numbers — released this week as part of Netflix’s first-quarter earnings report — support a growing belief that video streaming is likely to thrive even as the overall U.S. economy sinks into its first recession in more than a decade.

“We’re acutely aware that we are fortunate to have a service that is even more meaningful to people confined at home, and which we can operate remotely with minimal disruption,” Netflix said in a statement.