Netflix has crossed what it described as a “symbolic milestone” of 100 million paying subscribers. In fact, the company ended the second quarter of this year with 103.6 million people paying for its service, after 4.6 million net additions that quarter.
Netflix has also just seen its international subscribers overtake its US subscribers: 52.3 million and 51.3 million respectively. All this is helping Netflix’s key business metrics, with revenues up 29.6% year-on-year to $2.79bn in Q2, when the company recorded a net profit of $66m.
The company’s letter to shareholders highlights its continued investment in original content: 14 new drama-series seasons; 13 comedy specials; six documentaries; two documentary series; nine feature films and seven children’s series made their debut on Netflix in Q2 alone.
Netflix added that it will release 40 films in 2017 “from big budget popcorn films to grassroots independent cinema”, while predicting more boom times ahead for Netflix and rivals alike.
“The shift from linear TV to on-demand viewing is so big and there is so much leisure time, many internet TV services will be successful,” claimed the company.
“The internet may not have been great for the music business due to piracy, but, wow, it is incredible for growing the video entertainment business around the world.”