Netflix subscribers surge to over 100 million worldwide

Woah!

Netflix subscribers surged by 5.2 million in the three months up to June 30, almost 63 per cent ahead of the expected 3.2 million, the company revealed yesterday.

Following the announcement, the popular streaming services shares quickly rose more than 10 per cent in after-hours trading.

The company now has over 100 million subscribers worldwide with half of their membership outside of the US.

Netflix puts its success down to its new original content with 27 of its shows receiving 91 Emmy nominations last week, including Stranger Things and House of Cards nominated for best series.

They also believe the shift from ‘linear TV to on-demand viewing is so big’ that internet TV services were directly benefiting from this.

They said: “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.”

In the same three-month period to June revenue grew 32 per cent to $2.8bn with quarterly profits up about 60 per cent year-on-year at $65.6m although slightly short of forecasts.

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