The streaming service was helped by a pandemic and millions of dollars invested in original content.
Netflix’s audience has grown by a record 37 million people to reach 200 million subscribers at the end of 2020, the company has announced. Netflix shares rose 12% after the close of trading.
The company said it can now generate more cash than it needs, so Netflix no longer sees a need to borrow money.
Netflix’s audience has doubled since 2017, when it reached 100 million subscribers, the WSJ writes.
According to the report, the video service’s revenue grew 24% year-on-year to $24 billion and operating profit 76% to $4.6 billion, with 28 million people subscribing to the service in 2019.
The growth of streaming services has brought competition from Disney, WarnerMedia, Discovery and other video services. Because of this, Netflix has been investing in original content of different genres for different markets.
According to Bankr, Netflix spent $17.3bn on its own video content in 2020, with spending projected to rise to $19bn in 2021.
According to the number of Google searches, nine Netflix series are in the top 10 most popular series in 2020, while two of the video service’s movies are in the top 10.