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Netflix’s Record Pandemic Profits Speak to a Much Larger Problem.
While we struggle, a corporation that didn’t pay a penny in taxes continues to capitalize.
The last two months have been nothing short of unprecedented.
A global health crisis continues to spread, over twenty million people have lost their jobs and many lost their insurance as well. One third of Americans were unable to pay April rent, state unemployment offices and websites cannot keep up with the demand, and food banks that were never equipped to handle a nationwide crisis are being overrun. But at a time when millions of restaurants and other businesses are being forced to shut their doors uncertain of whether or not they’ll ever be able to open again, there is one company that appears to be thriving.
Wendy Lee, a staff writer at The Los Angeles Times writes:
“Netflix on Tuesday reported a record increase in subscribers as the Los Gatos, Calif., company reaped the benefits of a massive increase in home viewing caused by stay-at-home measures intended to curb the spread of the coronavirus.
The company gained 15.8 million global subscribers, surging ahead of Wall Street’s expectations of 7.6 million. It now has a total of 183 million customers.
