Netflix has more than doubled the number new subscribers it thought it would get this year. Netflix makes movies and TV shows, and provides a service subscribers to watch these online. The streaming giant said 15.77 million new subscribers signed for its services the past three months. It expected an increase around half this number. The doubling subscriptions is due to the coronavirus pandemic. Millions people are staying home and are using their free time watching films and TV programmes. Netflix is now one the world's most valuable companies. It is worth more than the oil giant ExxonMobil. Financial analysts say its value is $196 billion.
A Netflix official said the surge membership numbers was probably temporary. The rate new memberships would probably go down and return to normal after lockdowns end. The company said: "We expect viewing to decline and membership growth to [slow down] as home confinement ends, which we hope is soon." It added: "The coronavirus has reached corner the world and, in the absence a widespread treatment or vaccine, no one knows how or when this terrible crisis will end. We are aware that we are fortunate to have a service that is even more meaningful to people confined home." The company hopes to start producing more new shows the near future