Netflix is now worth more than Disney
Prior to the pandemic, Netflix was expecting about 7 million new signups, which Wall Street was expecting 8.22 million.
That resulted in $709 million of earnings from first quarter of 2020 — compared to $344 million in Q1 of 2019.
Netflix’s stock has also been on the rise and it now has a market capitalization of $190 billion (Disney is currently sitting at around $185 billion).
Disney’s financials have been hit hard by having to close its theme parks as well as seeing dips in advertising revenues from many of its business lines, whereas Netflix collections subscription revenue from nearly all of its customers.
Disney does own Disney+, which collects subscription fees and doesn’t rely on advertising revenue. However, its other streaming service, Hulu, does rely partially on ad dollars.
Netflix also had big success with the “Tiger King” documentary, though it still falls behind “The Witcher” as the company’s most watched first season series.
All told, 54 million households watched “Tiger King” in its first four weeks.