Netflix announced its global expansion plans at the Consumer Electronics Show last year. It immediately went live in almost every country on the planet. The company backed that up with a solid lineup of original TV shows and movies that have now become synonymous with quality. Netflix’s big bet on original content has paid off as the company added a record number of subscribers in the last three months of 2016.
The company’s quarterly earnings report revealed that it added 7.05 million new subscribers in the final quarter of 2016. This was against an expectation of 5.2 million so Netflix and its investors were very happy with the performance. The company’s stock shot up 9 percent in after hours trading.
Netflix has ended 2016 wth 93.8 million subscribers across the globe. This puts the company on the path to hit the symbolic 100 million subscribers mark by the end of March this year. It’s going to be a significant achievement for the online video streaming company.
The company produced 600 hours of original content last year and the number is only going to grow now. Netflix has said that it’s looking to produce more than 1,000 hours of worth of original TV shows, movies, and other content in 2017. It’s going to pour $6 billion into this exercise with hopes of making it back by continuing to drive impressive subscriber growth.
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