Netflix becomes the top streaming industry with 200M subscribers

Due to the ongoing pandemic and change in content, everyone is binging on streaming sites.

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Due to the ongoing pandemic and change in content, everyone is binging on streaming sites.

As cinemas were deficit in making profits, however, streaming websites like Netflix topped their mark in the pandemic. In the latest report, Netflix earned 200 million subscribers which resulted in $25 billion annual revenue for the platform.

Despite raising its subscription rates Netflix earned 37 million paid memberships. Also, the streaming television added another 8.5 million subscribers. Its shares raised more than 10% in aftermarket trades to $553. 

Netflix was proud to provide worth watching content in quarantine to people. It was a way to escape the disturbing conditions surrounding people.

In the fourth quarter profits dunked to $542 million, compared to $587 in the same time slot in 2019. However, the total revenue increased from 21.5% to $6.6 billion. Despite the increase of 23% in the rates of membership in the last quarter of 2020 comparing to last year’s revenue, it was flat.

The report indicated that 83% of the subscribers were from North America, while the rate of membership was raised in the US.  Netflix started producing original content to compete with the rivals in the market.

Netflix counted on the competition with Disney, discovery, warner media and said that they have been experiencing the competition for a decade so they are investing to produce Netflix original content to make literature full of various genres.

Moreover Netflix promise to release at least one new original film weekly, though the productions are backed up and running efficiently in other regions and working tirelessly to fulfill the promise.