Netflix added 8.3 million new subscribers during the last three months of 2017, representing the biggest growth period in the company’s history.
The streaming giant beat its own expectations by two million new subscribers, while it also smashed last year’s record of 7.05 subscribers in one quarter.
Netflix is giving much of the credit to its original movie, Bright, which it says delivered a “notable lift in [customer] acquisition.”
The $90 million Will Smith vehicle has been panned by the critics, but it appears Netflix shareholders are laughing all the way to the bank.
The firm says: “Bright has become one of our most viewed original titles ever. We’re thrilled with this performance and are planning a sequel as well as additional investment in original films.”
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Netflix’s stunning growth comes as it faces more competition than ever before.
Amazon’s original content budget is growing exponentially, while standalone streaming options from the likes of HBO, Showtime are giving consumers easier access to premium content than ever.
Meanwhile, Apple and Facebook are entering the fray, and Disney plans to go direct to consumers with an overarching streaming service in the near future.
Cord-cutting services like Hulu, PlayStation Vue, YouTube TV and DirecTV Now are providing access to live television without a contract.
The company writes: “The market for entertainment time is vast and can support many successful services. In addition, entertainment services are often complementary given their unique content offerings. We believe this is largely why both we and Hulu have been able to succeed and grow.”
As a result of the earnings report dubbed “beautiful” by Netflix, the company’s market cap has soared above $100 billion for the first time.
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