Netflix has become a more valuable company than both US oil giant Exxo Mobil and rival Disney as demand for home entertainment booms amid the coronavirus lockdown.
Shares in the streaming company climbed five per cent on Thursday to a new record high of $448, taking its market value to $196bn.
At the same time, Exxon Mobil’s share price fell three per cent to $39.30, giving it a market capitalisation of $166bn as the price of oil slumped.
With over 160m subscribers worldwide, Netflix has been buoyed by the success of original content released after lockdown measures were imposed.
This includes Netflix’s recent seven-part documentary series Tiger King, which tells the story of Joe Exotic, an eccentric zoo owner in Oklahoma.
It is also thought that as Hollywood productions are suspended, Netflix is freeing up its cash flow as it accumulates revenue.
Other streaming giants such as Amazon Prime, with an estimated 118m customers, and the newly-launched Disney Plus, have also benefited from new users during the pandemic.
Disney Plus, which includes the original Star Wars series The Mandalorian, went live in the UK and other western European markets in February.
It has already doubled its global subscriber base to 50m.
But shares in Disney have nonetheless fallen after it was forced to close its theme parks and postpone film releases.
Analysts have estimated that the company could be facing an 11m fall in visitor numbers across its theme parks, at a potential cost of $500m.
Disney, which also owns sports broadcaster ESPN and a cruise line operation, is now valued below $184bn.
This is significantly down on its market value last year, when it was valued at $258bn.
Meanwhile, oil giants Exxon Mobil and UK-headquartered BP and Royal Dutch Shell have seen their stocks collapse as demand for oil has fallen to its lowest level in 25 years.
Earlier this month, Exxon Mobil announced that their capital investments for 2020 are now expected to be about $23bn, down from a previously announced $33bn.
Chairman Darren Woods said: “After a thorough evaluation of the impacts of the pandemic and market conditions, we have worked closely with business partners to plan and execute capital adjustments that preserve long-term value, maximize cost efficiency, and put us in the strongest position when market conditions improve.”