Netflix Inc. ended final yr with greater than 200 million subscribers, a milestone powered by customers left homebound by the pandemic, anticipating leisure, and rising demand in worldwide markets the place the streaming large has a head begin over many rivals.
The corporate mentioned it’s now capable of generate additional cash than it wants, and not anticipates having to borrow cash to gasoline its progress technique. Netflix shares had been up 12% in after-hours buying and selling.
Netflix’s continued subscriber progress comes amid heightened competition from new streaming providers together with Walt Disney Co. ’s Disney+, Apple Inc.’s Apple TV+, AT&T Inc.’s HBO Max and Comcast Corp.’s Peacock, all of which weren’t round just a little over a yr in the past.
The corporate acquired a lift from the coronavirus pandemic, which compelled customers to chop again on a bunch of leisure actions—from eating out and holidays to visiting theaters and live performance venues—as economies locked down. With many individuals spending extra time at house, streaming demand jumped.
Whereas nearly all of tv networks proceed to be with out most of their unique content material due to manufacturing shutdowns as a result of Covid-19, Netflix’s well-stocked content material arsenal lifted it to new heights. Netflix signed up what it mentioned was a document 37 million subscribers in 2020 and had a complete of 203.7 million customers when the yr ended—greater than twice as many because it had a mere three years earlier.