Netflix ended last year with more than 200 million paid subscribers, it announced on Tuesday, further cementing its place as the world’s biggest subscription streaming service.
The company soundly beat forecasts for subscriber growth and total revenue in its fiscal fourth quarter, as subscribers increased by 8.51 million between October and December to hit 203.66 million total.
Netflix added 37 million paid memberships in 2020 overall and hit $25 billion in revenue, a 24% increase over the prior year.
While the pandemic forced consumers to cut back on a host of entertainment activities — from visiting theaters to attending concert venues — Netflix capitalized with a wide array of original content.
2020 saw the company boost its programming with a handful of sports and sports-adjacent series that landed near the top of its viewership list.
- “The Queen’s Gambit” (No. 3, 62 million viewers)
- “Cobra Kai” (No. 6, 50 million viewers)
- “The Last Dance” (No. 14, 38 million viewers)
That content came as Netflix faced a slew of new challengers, including NBCUniversal’s Peacock as well HBO Max and Disney+, which has added nearly 87 million subscribers in just over a year.
The streaming giant also said it is “very close” to being cash flow positive and will no longer need external financing for its day-to-day operations. The company is considering stock buybacks.
Netflix’s shares were up nearly 17% today to $586.34.