With its usage going through the roof amid the COVID-19 pandemic, Netflix stock has reached an all-time high.
The company’s stock surged by 5% to around $433 a share Wednesday on the Nasdaq, its market capitalization surpassing $190 billion.
Just as it did in May 2018, Netflix’s valuation exceeded the Walt Disney Company, which is currently valued at just under $188 billion.
““We believe the unfortunate COVID-19 situation is cementing Netflix’s global dominance partly driven by the incremental content spend that is enabled by their massive and growing subscriber base,” wrote Pivotal Research Group analyst Jeffrey Wlodarczak in a note to investors Wednesday.
Wlodarczak raised his first-quarter subscriber growth estimate for Netflix from 7.9 million to 8.45 million.
Among the other companies currently in the process of hoisting streaming services to compete with Netflix, Apple remains the biggest, with its market cap positioned at around $1.2 trillion. AT&T is valued at around $217 billion, while Comcast’s valuation comes in at over $168 billion.
Among other publicly traded OTT stocks, the volatile Roku is once again rising, up 25% from dipping along with most of the rest of the Nasdaq in mid-March. Roku’s market cap currently stands at around $13.2 billion.
Daniel Frankel is the managing editor of Next TV, an internet publishing vertical focused on the business of video streaming. A Los Angeles-based writer and editor who has covered the media and technology industries for more than two decades, Daniel has worked on staff for publications including E! Online, Electronic Media, Mediaweek, Variety, paidContent and GigaOm. You can start living a healthier life with greater wealth and prosperity by following Daniel on Twitter today!
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