The renowned streaming platform Netflix has crossed the 200 million subscriber mark yesterday. It managed to attract more subscribers than expected in the previous quarter, which kept it ahead of its competitors. Around 8.5 million people subscribed to Netflix in the last quarter thus topping 200 million subscriber mark despite recent price hikes.
Netflix shares also soared to more than 12% in aftermarket trades. Profits declined to $542 million in the 4th quarter, contrasted with $587 million in the same period in 2019. However, the total revenue in the quarter increased by 21.5% to $6.6 billion.
In Pursuit of Growth, Netflix Crosses 200 Million Subscriber Mark
According to the earnings report, for the full year, Netflix managed to add a record 37 million paid memberships. In a letter to investors, Netflix said,
We’re enormously grateful that in these uniquely challenging times we’ve been able to provide our members around the world with a source of escape, connection, and joy while continuing to build our business..
According to the earnings report, while Netflix increased rates slightly in the United States late last year, therefore, the majority of its new subscribers were from outside North America. Netflix has invested immensely in original shows and movies to make strong grounds in the competitive streaming television market.
According to Netflix,
The big growth in streaming entertainment has led legacy competitors like Disney, WarnerMedia, and Discovery to compete with us in new ways, which we’ve been expecting for many years. This is, in part, why we have been moving so quickly to grow and further strengthen our original content library across a wide range of genres and nations.