Netflix Inc. ended final 12 months with greater than 200 million subscribers, a milestone powered by customers left homebound by the coronavirus pandemic and rising demand in worldwide markets the place the streaming big has a head begin over many rivals.
Netflix on Tuesday stated it added greater than 8.5 million subscribers on a web foundation within the fourth quarter, a acquire that surpassed its forecast for the interval. Total, Netflix signed up what it stated was a report 37 million subscribers in 2020 and had a complete of 203.7 million customers when the 12 months completed up.
The corporate’s subscriber rely has roughly doubled for the reason that third quarter of 2017, when it first exceeded 100 million paying clients.
The pandemic has charged Netflix’s development as shopper reduce on a spread of leisure actions—from eating out and holidays to visiting theaters and live performance venues—to adjust to lockdown orders and restrict the chance of an infection. With many individuals spending extra time at house, streaming demand jumped, bolstering Netflix in addition to its rivals.
The Los Gatos, Calif., firm stated it generated $6.64 billion in fourth-quarter income, up from $5.45 billion for the 12 months earlier and exceeding analysts’ forecasts. However revenue decreased to $542 million, or $1.19 a share, from $587 million, or $1.30 a share, the 12 months earlier. Analysts predicted $1.36 a share for the newest interval, in keeping with FactSet.