Netflix is currently worth more than Disney in the stock market. The streaming company reached an all-time high in the stock market on Wednesday, April 15th, 2020. Netflix has a current market capitalization of $187.3 billion, which tops Disney’s current market capitalization of $186.6 billion.
Various research groups estimate that Netflix gained somewhere between 7.1 to 8.45 million new subscribers in the first quarter of 2020.
Investors are turning to Netflix because streaming is up due to stay-at-home orders during this CONVID-19 pandemic. According to Nielsen data, the U.S. viewing of Internet video on TV is up 109% in March 2020 compared to 2019 data. With the rise in streaming during quarantine, the price target of Netflix stock raised above $440 per share. Other “stay-at-home” related stocks have risen in the past month as well. For instance, Amazon’s shares hit an all-time high this week, too.
Disney Plus is doing quite well with home viewers. The number of subscribers for the Disney streaming service has surpassed 50 million accounts worldwide. Even though Disney Plus is quite successful, the pandemic is affecting other parts of Disney’s company. The temporary closure of Disney theme parks and halt on film production are disruptive factors in the eyes of investors. They’re confident Disney will bounce back once the pandemic ends though.
Source: Variety
Photo Credit: Netflix
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