COVID-19 effect | Netflix, Amazon Prime witness sharp spike in new subscribers due to lockdown

The lockdown has indeed blessed us with an abundance of time and this in turn has increased the online content consumption.

Web streaming platforms like Netflix, Amazon Prime, etc have reported a sharp spike in the number of subscribers post lockdown.

Netflix reported an increase of 15.8 million subscribers in its first quarter.

According to The Verge, the increase in the number of subscribers of the platform is more than half of what was expected. However, an increase of 7.2 million subscribers was expected from the platform.

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As per The Verge, the popular online video streaming platform now has 182 million subscribers across the globe.

The quarterly revenue of the company stood at USD 5.77 billion.

Meanwhile, as per reports, the lockdown has helped boost Amazon Prime memberships in the US. Amazon Prime’s US membership base grew to 118 million individual members as of March 31.

The platform showed signs of extra growth in the last two weeks of the quarter as stay-at-home orders spread in US cities.

As per reports, Amazon also found success in converting trial memberships into paid memberships, with the conversion rate for 30-day trials increasing to 70% last quarter after trending downward in recent years.

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