Despite several markets suffering due to the coronavirus outbreak, Netflix stock has been doing well lately.
This is most likely because people forced to stay at home will tune in to streaming for their main evening and weekend activity.
According to The Motley Fool, new data shows that Netflix is receiving more app downloads in parts of the world where coronavirus is hitting the hardest.
Credit Suisse analyst Douglas Mitchelson has reported that there have been spikes in Hong Kong and South Korea – which also happen to be the two streaming markets outside China most affected by the outbreak.
Over in Europe, downloads are up 100% in Italy and 50% in Spain compared to early February.
Mitchelson said that this data makes it clear Netflix is benefiting from ‘large-scale social distancing measures resulting in people being stuck at home with limited entertainment options’.
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