Netflix has reached another milestone by surpassing over 200 subscribers on its streaming platform in 2021.
Despite increasing OTT competition in the pandemic, the streaming platform has managed to break its own record.
They announced on Jan 19, Tuesday that 8.5 million Netflix subscribers were added in 2020’s fourth quarter.
According to CNN Business, the company’s fourth-quarter profit in 2020 was $542 million (4060 crores), which was less from $587 million (4397 crores) in the year-earlier quarter.
According to the site, Netflix’s revenue increased 21%, to $6.6 billion and the stock heightened as much as 12% in after-hours trading following the company’s earnings.
The streaming service began to grow rapidly seven years ago when Netflix started producing its own shows and accelerated a worldwide expansion that now spans more than 190 countries. Since the February 2013 debut of its first original series, “House of Cards,” Netflix has attracted more than 170 million additional subscribers.
Netflix gained another 37 million subscribers last year, a 22% increase from 2019. Its stock fared even better, rising by 67% last year. The Los Gatos, California, company now boasts a market value of more than $220 billion.
As stated in the report, the company announced on Tuesday that 2020 was an incredibly difficult year with an extraordinary loss for so many families, new restrictions that no one ever had to live with before and great uncertainty.
They also shared that their platform has been able to provide their members around the world with a source of escape, connection and joy while continuing to build their business.