Netflix (NFLX  ) has hit a record high amid a volatile market as the Coronavirus ravages the global economy. The streaming giant's immense success has seen it skyrocket past contemporaries, even beating out competitor Disney (DIS  ) in market capitalization.

Netflix ended trading on Thursday at $439.71, 2.8% up from the previous day's record-setting high. The sharp uptick in Netflix's share price and the value of the company has driven the company past entertainment behemoth Disney in terms of market capitalization. Just in the first months of 2020, Netflix was able to increase its worth by $50 billion, with the company's current worth at $194 billion. For comparison, juggernaut Disney is valued at around $184 billion.

The main contributor to Netflix's surge, which is also the same reason for Disney's drop from $258 billion in worth at the end of 2019, is the Coronavirus pandemic. Social distancing and shelter-in-place directives are keeping much of the population indoors, significantly harming business for the likes of Disney, whose theme parks have been closed indefinitely, but driving up demand for streaming services such as Netflix.

While Disney+ is a credible threat to Netflix's market dominance, the streaming giant still maintains an impressive market share of 31% of the streaming market. Netflix's dominance is only being buffed by the recent uptick in streaming use during the pandemic. At the same time, Disney's overall outlook is much more dismal due to the lack of income across several of the company's divisions.

Netflix's outlook is mostly positive going forward; with the release of major hits such as Tiger King and the continuation of Netflix favorites such as Ozark, users will likely keep returning more often, and the appeal of popular Netflix programs such as Tiger King, Stranger Things, and Ozark will likely draw in more entertainment starved consumers as the pandemic progresses.

There are obstacles; however, that could disrupt Netflix's surge in the future. Like most entertainment companies, Netflix has shuttered production on many of its programs due to the pandemic. The disruption to production may result in less fall programming, which might drive some users away. However, Netflix's considerable backlog may help to support the company going forward, an advantage some of its competitors lack.