Netflix hits another milestone, surpasses 200 million subscribers

Netflix has crossed another milestone by surpassing 200 million subscribers on the OTT platform. Despite increasing OTT competition in the pandemic, the streaming platform has managed to break its own record. Netflix announced on Jan 19, Tuesday that 8.5 million Netflix subscribers were added in 2020's fourth quarter. Read ahead for more details. 

As mentioned in CNN Business, Netflix said that the streaming service now has more than 200 million subscribers globally. The OTT platform'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. 

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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.  

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According to a Netflix report mentioned by the site, the streaming platform added 37 million new subscribers in the entire 2020, which was also 31% of hype compared to 2019. On Tuesday, Jan 19, Netflix also announced that they are very close to being sustainably positive. They said that for 2021 they currently anticipate free cash flow will be around break-even. The company also added that they believe they no longer have a need to raise external financing for their day-to-day operations.

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On Jan 19, Netflix also talked about their raising competition in SVOD. Talking about the same, they said that it's a great time to be a consumer of entertainment. There are a wealth of options ranging from linear TV to video gaming to user-generated content. They further added that their strategy is simple and if they can continue to improve Netflix every day to better delight their members, they can be their first choice for streaming entertainment. This past year is a testament to this approach.

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