Netflix Subscribers Hit New Milestone, Company Now Worth More Than $100 Billion
The amount of Netflix subscribers soared to new heights last year to further cement the streaming service provider as the dominant name in the market, and probably cause concern for the closest competitors.
While reporting its quarterly earnings earlier today, the company revealed that it added 8.3 million subscribers in the fourth quarter to end the year. This is the most-ever amount of subscribers achieved by Netflix in any quarter in history. Thanks to the new figures, there are now more than 117 million Netflix subscribers across the globe.
“In 2017, we grew streaming revenue 36% to over $11 billion, added 24 million new memberships (compared to 19 million in 2016), achieved for the first time a full-year positive international contribution profit, and more than doubled global operating income,” the earnings report dictates.
The success from the fourth quarter last year is remarkable because of a few hiccups that the popular streaming service provider had to deal with in the same period.
There were firstly the sexual harassment allegations against Kevin Spacey, the starring face in the highly popular–political–House of Cards television series. It prompted Netflix to part ways with the actor and put the show in stasis, suffering millions in damages. Then there was the lukewarm reception to Bright, one of the most expensive investments from Netflix in its quest to pursue original content.
Despite the obstacles, Netflix still managed to surprise analysts on the Wall Street with impressive growth. The company has crossed the $100 billion mark for its market cap for the first time, and looks to further increase its customer-base in the months to come.
Netflix expects to gain about 1.45 million subscribers from the United States and 4.90 million subscribers from the international markets by the end of the first quarter this year.