Netflix Adds 10 Million New Subscribers During Q2; Names New Co-CEO
Jul. 17, 2020Netflix also reported massive increases both in revenues and profit during the period. Net earnings grew to $720 million (~Rs. 5,400 crores) from $207 million (~Rs. 1,550 crores) during the same period last year. Revenues, meanwhile, increased to $6.15 billion (~Rs. 46,200 crores) from $4.92 billion (~Rs. 36,900 crores) a year ago.
The massive windfall comes in the midst of thepandemic-induced global lockdownsthat have increased demand for online entertainment. While most businesses are suffering because of the health crises, online services like e-commerce portals, messaging apps and streaming services, have seen astronomical increases in their subscriber numbers.
Netflix also announced that it is promoting its content chief, Ted Sarandos, as its co-CEO. He will be sharing the position with the company’s co-founder and current CEO, Reed Hastings.“This change makes formal what was already informal — that Ted and I share the leadership of Netflix”, Hastings said in a statement.
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