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Netflix has announced its latest financials, but before you click away for fear of being bored, there’s some rather interesting information buried in the Q2, 2017 earnings. Not least that Netflix has hit another milestone in terms of subscribers, meaning more people now watch Netflix than ever before.
Reed Hastings’ company has a long and checkered history. Netflix started life shipping DVDs by mail, but once it started streaming content instead things really took off. The Qwikster split and various price hikes have caused people to cancel their Netflix subscriptions, but the company is on an upwards trajectory that shows no signs of peaking.
Netflix Goes From Strength to Strength
In its latest letter to shareholders [No Longer Available] [PDF] Netflix revealed that it now boasts 103.95 million subscribers worldwide. It has added subscribers in all territories, but international subscribers now account for 50.1 percent of the total. This represents impressive growth considering Netflix only expanded into most of the 190 countries it now serves in January 2016.
Netflix also talked about its attitude to original content. The expense of producing original shows and movies is why the Netflix catalog has shrunk in recent years. Netflix cites the 91 Emmy nominations as proof it’s producing quality content, and talks of its “commitment to serve the desires of our diverse and growing audience”.
There was also a brief note about cancelling shows. Netflix has recently cancelled Girlboss, The Get Down, and Sense8 (although the latter is getting one final episode to tie up all the loose ends). Netflix justifies the cancellations by saying:
“As much as we dislike ending a series early, it consoles us that it frees up investment for another new show, or two. We are programming to please our members and we keep that as our guiding light.”
So yes, it’s essentially your fault for not watching the cancelled shows in large enough numbers. So if you really love any Netflix Originals you need to not only binge-watch the crap out of them, but tell your friends to do the same. Or else they (the shows, not your friends) may be for the chop.
Connecting People With Great Stories
The overall picture is of Netflix doing very well, thank you. However, Netflix wants more subscribers watching more content, so it concludes its letter to shareholders by saying, “It’s been twenty years since Netflix was founded and we still thrive on connecting people with great stories. Someday, we hope to entertain everyone”. All together now, aaahhhhhh.
Are you a Netflix subscriber? If so, are you happy with everything about the service? Do you think the price is fair? Do you like the original content? If you don’t subscribe to Netflix, why not? Is it the price? The content? Something else? The comments are open below…