The company added 18.9 million new subscribers in the fourth quarter, reaching a total of almost 302 million global users, far surpassing its competitors.
Netflix reaffirmed its leadership in the market streaming platforms on Tuesday, highlighting how its combination of live sporting events, the return of popular series and unique moments, such as Beyoncé’s performance during halftime of an American football game, helped attract a record number of subscribers during the Christmas quarter. In this context, The stock shoots up 15% in the Wall Street premarket.
The company added 18.9 million new subscribers in the fourth quarter, reaching a total of almost 302 million global users, far surpassing its competitors in the Hollywood streaming sector.
Taking advantage of its growing popularity, Netflix increased prices in several countries, including the United States, Canada, Portugal and Argentina, while continuing to invest more in its programming. In the United States, its ad-supported service will now cost $7.99 per month, up from $6.99 previously, and the “premium” package will rise to $24.99, up 9% from the current price.
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Netflix surpassed its competitors and the company has been growing more than 77% in the year
Investors reacted positively to the results, sending Netflix shares up nearly 13% in after-hours trading, raising its market capitalization by almost $50 billion. Over the past year, the company’s shares have grown more than 77%, outpacing the S&P 500’s 24% gain.
Paolo Pescatore of PP Foresight highlighted: “Netflix reaffirms its leadership position and is taking the streaming market by storm. It is taking advantage of its much stronger and more diversified programming compared to its competitors, and is now adjusting prices.”
The company noted that its programming during the Q4 exceeded expectations, highlighted by the success of the second season of its popular series “Squid Game,” which is on track to become one of its most-watched original series.
Netflix’s increasing focus on live events is attracting millions of viewers. The Jake Paul-Mike Tyson boxing match in November reached 65 million viewers, and the National Football League’s Christmas Day games, featuring Beyoncé, averaged 30 million viewers, cbecoming some of the most watched events in league history.
Source: Ambito
