Netflix Now Worth More Than Exxon Mobil.
It's seems when many companies are crying over the negative effects of corona virus, there are others that are enjoying what the world is quaking over. You will agree with us that, while airline operators are losing billions of dollars, companies producing ventilators and other drugs for combating the deadly virus are enjoying the season.
A recent report has shown that online movie giant Netflix has become more valuable company than the US oil giant ExxonMobil, as the streaming service benefits from increased viewing of television and films during coronavirus lockdown, the Guardian has reported.
The findings shows that Netflix shares has increase by 5% at the same time ExxonMobil’s share price fell 3% to $39.30, giving it a market capitalisation of $166bn as the price of oil slumped. As recently as 2013 the company was the most valuable in the world, but is now worth about 13% as much as tech titans Apple and Microsoft.
Netflix, which has more than 160 million subscribers globally, was boosted by the success of original content released after lockdown measures were imposed around the world.
The service’s rivals, such as Amazon’s Prime Video, with an estimated 118 million users, and Disney’s new streaming service, also benefited from new users. Disney+ only launched in the UK and other western European markets in February, and has already doubled its global subscriber base to 50 million.
Such has been the demand for streaming services that Netflix, Amazon Prime, YouTube and the BBC’s iPlayer agreed at the start of the lockdown to reduce the speed of their streams across Europe to ensure broadband networks could cope with significantly higher usage.
Amazon and Netflix investors have shrugged off concerns about the effect of the pandemic on Netflix’s scripted TV and film production in the US, which have been paused for now with hopes to resume productions in the middle of the year, when the lockdown must have been relaxed.
The International Energy Agency (IEA) warned the biggest oil production cuts in history would not be enough to offset the huge fall in demand, to levels not seen since 1995, even if travel restrictions are eased in the second half of the year.
A recent report has shown that online movie giant Netflix has become more valuable company than the US oil giant ExxonMobil, as the streaming service benefits from increased viewing of television and films during coronavirus lockdown, the Guardian has reported.
The findings shows that Netflix shares has increase by 5% at the same time ExxonMobil’s share price fell 3% to $39.30, giving it a market capitalisation of $166bn as the price of oil slumped. As recently as 2013 the company was the most valuable in the world, but is now worth about 13% as much as tech titans Apple and Microsoft.
Netflix, which has more than 160 million subscribers globally, was boosted by the success of original content released after lockdown measures were imposed around the world.
The service’s rivals, such as Amazon’s Prime Video, with an estimated 118 million users, and Disney’s new streaming service, also benefited from new users. Disney+ only launched in the UK and other western European markets in February, and has already doubled its global subscriber base to 50 million.
Such has been the demand for streaming services that Netflix, Amazon Prime, YouTube and the BBC’s iPlayer agreed at the start of the lockdown to reduce the speed of their streams across Europe to ensure broadband networks could cope with significantly higher usage.
Amazon and Netflix investors have shrugged off concerns about the effect of the pandemic on Netflix’s scripted TV and film production in the US, which have been paused for now with hopes to resume productions in the middle of the year, when the lockdown must have been relaxed.
The International Energy Agency (IEA) warned the biggest oil production cuts in history would not be enough to offset the huge fall in demand, to levels not seen since 1995, even if travel restrictions are eased in the second half of the year.
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