Netflix has been one of the few companies that has, to some degree, been strengthened during the covid-19 pandemic. Its productions have stopped, yes, but subscriptions have been chained at a higher rate than expected: 10.1 million in the second quarter, clearly above the 7.5 million expected and to touch the total figure of 193 million .

In the months with the greatest impact of the health crisis, April, May and June, the audiovisual platform has managed to increase its subscriptions by 27.3% compared to the same period of the previous year. Thus, in the first half of this year, the company has almost gained as many subscribers as during the whole of the previous year (26 million compared to 28 million in all of 2019). The first quarter was especially conducive to the Los Gatos, California-based company as it tied in a record 15.77 million new subscriptions.

The increase in customers corresponds to that of the company's financial accounts, reported this Friday. Netflix has achieved a net profit of 720.2 million dollars (about 633 million euros ) in this second quarter, 166% more than in the same months of the previous year. Revenues from April to June are 6,148 million dollars (5,380 million euros), 24.9% above the same period in 2019, although a percentage of improvement less than the year-on-year reached in previous quarters.

Untimely crisis

The impact of the pandemic will weigh down Netflix at the wrong time, as acknowledged by the company itself, which for example has had to paralyze numerous filming of movies and series around the world. The company has already warned that the increase in the number of subscribers will slow down in the second half of the year, while other companies in different sectors should start to experience some type of recovery. For example, in the third quarter of the year just started, Netflix plans to add just 2.5 million subscribers , well below the 15.77 million in the first quarter or the 10.1 million this second.

"Growth slows as consumers leave behind the initial shock of covid and social restrictions," said Netflix, who, curiously, mentions that it will not have a boost like the one in the third quarter. 2019 was the launch of the new season of the Spanish series La casa de papel .

Sarandos rise to two CEOs

Netflix has framed in this new results communication the appointment of Ted Sarandos, current head of content of the company, as CEO of the company, at the same level as the current CEO, Reed Hastings. "This appointment formalizes what was already informal, that Ted and I share Netflix's leadership, " Hastings himself acknowledged.

Netflix's fast-growing model continues to generate voluminous long-term debt , a commitment that Hastings and Sarandos must face. Netflix's long-term debt has already reached € 15,295 million.

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