Netflix amassed a record of 8.8M subscribers despite growing competition. According to its latest earnings report, Netflix grew by 8.8 million net subscribers in the fourth quarter of 2019 putting its growth well ahead of its 7.6 million forecasts.
The company says it has 167 million paid memberships worldwide, with over 100 million outside the USA. It also recorded outstanding financials, with revenue of $5.47 billion and earnings per share of $1.30, as opposed to analyst estimates of $5.45 billion and an EPS of 53 cents.
Amid the release of two major streaming services, Disney+ and Apple TV+, with more rigorous competition from WarnerMedia’s HBOMax and NBCUniversal’s Peacock this year, Netflix has surpassed all expectations from detractors.
Netflix addresses the competitive environment in its letter to shareholders, arguing that while there is “wide room for several services to thrive as linear TV wanes, viewing grew year after year, as seen in recent quarters, both globally and in the United States.”
Netflix’s string of evident hits released during the quarter, including shows such as “The Witcher” and “You”‘s second season has put Netflix on top of every viewer’s list. The company also premiered “The Irishman,” “Marriage Story,” and “Two Popes,” as well as popcorn flicks such as “6 Underground.”
Netflix says “The Witcher” is on track to become “our biggest TV series season 1 ever,” with a record of 76 million member households opting to watch the show. Additionally, 83 million households have opted to watch the action movie “6 Underground,” directed by Michael Bay. Netflix continues to grow from strength to strength and is still a force to reckon with.