Netflix ended its biggest year in company history with a bang, adding more customers than expected and saying it no longer needs to borrow money to build its entertainment empire.
The pandemic has provided a huge boost to Netflix’s business, forcing people inside and limiting other entertainment options like movie theatres and concerts. The company added 25.9-million customers in the first six months of 2020, and ended up adding 36.6-million customers in all — a record. Critics have also argued Netflix would suffer when rival media companies pulled their most popular titles from the service and created their own competitors. Yet Netflix posted its best performance yet in the same year that several new competitors entered the fray and Disney+ added 87-million paid subscribers.
“Investors come out of the fourth quarter incrementally more bullish on the potential of a powerful developing shareholder return story for Netflix in the coming years,” Evercore ISI analyst Lee Horowitz wrote in a note. The English-language “Queen’s Gambit” and “Bridgerton” were both major hits for Netflix. “Queen’s Gambit” was viewed by 62-million households in its first 28 days on the service, while “Bridgerton” is on track to reach 63-million accounts.
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