In 2020, Netflix has garnered about 37 million subscribers which is a 31% increase from the year before. The company which was established in 1997 surmounted many milestones and has become one of the most influential companies in Hollywood with a net profit of 56.6 billion.
According to reports, Netflix earned $542 million at end of the the fourth quarter of 2020 after adding 8.5 million subscribers while its revenue on the stock market exceeded 12% in the same year.
Netflix in a statement released on Tuesday attributed its rapid increase to the Covid 19 lockdown that forced individuals and families to sit at home. Also, the company said while 2020 was a challenging year for other businesses company is close to being sustainably positive.
While addressing rising competition in the streaming industry, Netflix said it anticipates free cash flow, adding that 2020 was a significant year for streaming, with the launches of new streaming services like Peacock, NBCUniversal, Discovery and Home Box Office.
Netflix however reinstated that it is still the king of the streaming industry going by her record as the most paid membership platform in history.