Netflix adds 10.1 million subscribers this spring

Netflix said on Thursday it gained 10.1 million subscribers worldwide in its most recent quarter, suggesting that the lockdowns resulting from the pandemic continue to be good for the streaming business.

The company added 2.9 million subscribers in the US and 7.2 million overseas for the period between April and June, when much of the US — and the world — saw public life come to a halt amid the spread of the novel coronavirus.

While the tally is smaller than the nearly 16 million subscribers Netflix added during the quarter that ended in March, it reflects an at-home entertainment company that continues to do brisk business while firms that rely on old-fashioned public gathering struggle.

“We live in uncertain times with restrictions on what we can do socially and many people are turning to entertainment for relaxation, connection, comfort and stimulation,” the company said in its quarterly investment letter.

Netflix also announced that chief content officer Ted Sarandos has been promoted to co-chief executive with Reed Hastings.

The website now has more than 190 million subscribers worldwide. Its biggest competitor in the US, Disney Plus, has less than a third of that.