International: Netflix Surpasses 200 Million Subscribers
Global streaming service Netflix has reached a significant milestone this week, they topped subscriber growth expectations in the past quarter and surpassed the 200 million mark in subscribers worldwide. This achievement comes as most of the world is confined at home because of the Covid-19 pandemic, most have turned to Netflix to find comfort and a source of entertainment.
"Covid-19 has accelerated that big shift from linear to streaming entertainment," Netflix chief financial officer Spencer Neumann said. According to the earnings report, in the past year, Netflix has added a record 37 million paid memberships, and the company has achieved $25 billion in annual revenue and growing operating profit. "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," Netflix said in a letter to investors.
To keep up with the growing demand for its content, Netflix has invested heavily in original shows and films to make itself a must-have service in the increasingly competitive streaming market. "It's super impressive what Disney has done," Netflix chief executive Reed Hastings said in an interview with AFP. "It is going to be great for the world that Disney and Netflix are competing for show by show, movie by movie."
Netflix has also experienced its fair share of projects' disruptions due to the pandemic, but have picked themselves up again. Their executives say most of their delayed productions are back up and running in most regions now. The streaming service has more than 500 titles in post-production or being readied for release on their platform, with the plan being to launch at least one new original film weekly.
Last week the streaming giant offered a preview of upcoming 2021 releases, a list with no fewer than 70 star-studded feature films. From drama, comedy and science fiction to horror and even Westerns, the slate will take in every major film genre before the year is out, with some releases poised as potential competition for significant awards.