Europeans choosing Netflix
The pandemic has tempted more people to subscribe to streaming movies and television. Netflix announced it now has more than 200 million paid members, up more than 30% from 2019. About 37 million people subscribed last year, including 8.5 million in the last three months, according to numbers release when the company presented its full-year results. More than 80% of the new subscribers in 2020 came from outside the US and Canada, with Europe counting for the most new members.
New subscribers and price increases meant revenue was up 24% in the last quarter of 2020 to USD 6.6 billion and profit USD 542 million. For the full year, Netflix reported close to USD 25 billion in revenue and close to USD 2.8 billion in profit.
Netflix has earlier financed its growth by taking on major debt but the company now says the gains mean it expects to be able to stop borrowing to finance its operations and is considering using excess cash to buy back shares.
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