Netflix surpasses Disney, becomes most valuable media firm

CALIFORNIA, U.S. – On Saturday, Netflix officially surpassed Disney’s total valuation as its stocks hit record highs, and became the most valuable media company in the globe.

The company has been growing dramatically and as of April, it serviced 125 million paying subscribers.

The streaming giant is also currently available in over 190 countries.

For the first quarter of 2018, Netflix reportedly posted $3.7 billion in revenue and $290 million in net income.

This was a 63 percent increase from the previous year.

According to a report in Variety, Netflix officially passed Disney to become the world&#39s most valuable media company for the first time this week.

The report noted that the streaming platform closed up 1.3 percent to $349.29 per share Thursday, with a market cap of about $161 billion.

Meanwhile, Disney&#39s stocks fell 0.7 percent, closing at $102.11 per share, and resulting in a $152 billion market cap.

Netflix even surpassed Comcast&#39s market cap a day before.

The growth comes despite the recent snafu at Cannes 2018, which prohibited Netflix-Original movies to participate in the competition due to the ruling that requires films to be rolled out in French cinemas before they can be acknowledged as participants.

Experts, however, were waiting and watching to understand if the investors’ positive outlook of Netflix was related to the recent announcement that the former U.S. President Barack Obama and former First Lady Michelle Obama will be producing content for Netflix.

The Obamas were said to have signed a deal with the company to produce original content that will include anything from scripted series to documentaries.

Some analysts believed that, to an extent, the collaboration has somehow helped in boosting Netflix&#39s stocks.

Netflix has also struck a deal with several creatives like Coen brothers, Shonda Rhimes and Guillermo del Toro.

Further, the company has also purchased in Mark Millar’s Millarworld: the comic book company behind successful comics-turned films as Kickass and the Kingsman franchise last year.

Netflix has committed to have around 1,000 original content by the end of the year.

This article provided by NewsEdge.