Netflix pushes through ‘symbolic milestones’18 July 2017
Netflix now has more subscribers internationally than in the US.
The SVoD has passed the 100 million subscriber milestone with 51.9 million US customers at the end of Q2 and 52.3 million in the rest of the world. Both numbers are up compared to the same period in 2016, with the international figure rising by 44.3 per cent.
Netflix said it has beaten expectations for subscriber numbers in Q2 with 1.1 million new US subscribers.
Net income for the quarter, at $65.6 million was up nearly 61 per cent compared to the same period last year, on revenues of $2.79 billion, up 32.3 per cent. The top line was slightly ahead of the analyst expectations for $2.76 billion.
In a letter to shareholders, Netflix CEO Reed Hastings said that the earnings were weighed by the timing of content releases — including the release in Q2 of season five of House Of Cards, which last year was released in Q1. But the company was helped by a “greater than expected tax benefit”.
“With our content strategy paying off in strong member, revenue and profit growth, we think it’s wise to continue to invest,” Hastings said.
Reed also revealed the company plans to release 40 feature films this year from “big budget popcorn films to grassroots independent cinema”.