Netflix records a 52-week high as demand increases due to Coronavirus restrictions
- Netflix climbs 7% on Monday to record a 52-week high in the stock market.
- Demand for Netflix's streaming platform is surging during social distancing.
- Netflix partners with Boom Studios for new Comics-based TV series.
As Coronavirus restricts people to their homes, demand for online streaming platforms has been surging in the past few weeks. Available in 190 countries, Netflix (NASDAQ:NFLX) recorded a 7% increase in the stock market on Monday to hit a 52-week high of £318.96 per share. The stock closed the regular session slightly lower at £315.95 per share. In extended trading on Monday, it climbed back up to £318.24 per share.
Serving as a means of entertainment for people during social distancing across the globe, Netflix is currently 22% up year to date in the stock market as compared to the benchmark S&P 500 index that is 14.26% down. SPX had recorded an all-time high at the start of the year but then lost roughly 25% later on as Coronavirus disrupted global business.
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William Blair Forecast An Increase In Netflix’s Subscribers Due To Coronavirus
In the last week of March, the American multinational independent investment bank, William Blair and Company had forecast a significant increase in Netflix’s subscribers during the Coronavirus as people refrain from outdoor activities for entertainment. Needham, on the contrary, had estimated the company to face new challenges. The firm argued that COVID-19 driven financial challenges will push consumers into cutting expenses and a luxury good like Netflix may not make the priority list.
The Coronavirus has so far infected more than 1.9 million people across the globe and has caused over 120,000 deaths.
Netflix Partners With Boom Studios For New Comics-Based TV Series
In separate news, Netflix also announced its deal with Boom Studios on Monday. Reportedly, Netflix is planning on turning the publishers’ comic book franchises into a new TV series. In the league of comics publishers, Boom is not as big a name as Marvel or DC, but is still a highly popular company with a solid fanbase from all over the world.
On the other hand, as Marvel’s deal with Netflix is approaching expiry in the upcoming months, fans are eagerly waiting to find out if there are plans of rebooting their favourite shows like Daredevil, Jessica Jones, Luke Cage, Iron Fist, The Punisher, etc. with its new partner, Disney Plus.
Disney Plus was rolled out in the United States in November. The service was also made available in India and eight of the European countries at the start of April.