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Strong subscriber growth raises Netflix revenues and profits

Image: AFP

Netflix added 7.4 million new subscribers in the last quarter as the global television giant increased profits with its higher revenue growth since the launch of its broadcast service.

In its quarterly update on Monday, Netflix reported earnings grew 63 percent from a year ago to $ 290 million, while revenues increased 43 percent to $ 3.7 billion.

Netflix's new additions increased its subscriber base to 125 million worldwide, including 118.9 million paid subscribers.

the video-based video giant, which has been on the verge of being lost with original programs like "The Crown" and "Stranger Things", saw its shares increase by 6.5 percent in the after-hours exchange with the results stronger than expected.

Netflix has raised its subscription rates as it expands globally to almost 200 markets and invests heavily in original programming.

The company plans to invest up to $ 8 billion this year in new TV series, movies, Aries documents and other multi-language programs "to serve the diverse tastes of our growing global membership base," the company said. your letter to the shareholders.

The recently released programs include the sci-fi thriller "Altered Carbon" and "A Series of Unfortunate Events."

Earlier this month, Netflix withdrew from the Cannes film festival in a dispute over the rules of the French press releases.

The move came in response to a new ban on the Cannes rule of competition films not first published in French theaters.

In its letter on Monday, Netflix said the decision was made due to the stipulation that if a film competes at Cannes, it will not be able to be seen on Netflix in France for the next three years.

"We would not want to do that with our French members," the letter said.

"We will continue to celebrate our films and filmmakers at other festivals around the world, but unfortunately we will have for now, Cannes, so that our growing French membership can continue to enjoy our original films."

Netflix added 1.96 million new US members in the quarter and 5.46 million internationally.

The international segment now accounts for 55 percent of memberships and 50 percent of revenues.

Netflix this year won its first Academy Award this year for the documentary "Icarus" on doping in sports.

"We are delighted when the creators with whom we associate are recognized for their exceptional work," the statement said. "The Oscar victory helps reinforce that Netflix is ​​a great home for documentary lovers and creators." MKH


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