Netflix is now worth more than Disney
Netflix is currently worth more than Disney after the streaming platform’s shares hit an all-time high this week.
The company’s market capitalisation of $187.3billion (£163.2billion) leads over Disney’s $186.6billion (£150.1billion) after the media conglomerate’s stock finished down 2.5 per cent yesterday (April 15). It seems investors are expecting Netflix to benefit from the coronavirus crisis with thousands more people staying at home.
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As Variety notes, previously Netflix’s all-time high closing stock price was $418.97 (£365.14) on July 9, 2018. The publication also reports [via Nielsen data] that streaming has boosted during the pandemic, with US viewing of internet video on TVs up 109 per cent in March 2020 compared with the comparable four-week period in 2019.
Despite Netflix’s new lead over Disney, the latter recently surpassed 50 million paying customers worldwide since its Disney+ streaming platform launched in November. It was buoyed by launches in India and eight Western European countries last month.
In other news, Disney is reportedly working on a live action remake of its 1973 film Robin Hood, while Netflix is set to bring a new Jerry Seinfeld stand-up special to the platform next month.
The coronavirus pandemic has halted production on dozens of TV shows and films. See NME’s up-to-date list of all the cancelled roll-outs and pauses here.