Saturday 10/16/21
STREAMING

Netflix quarterly earnings shows 25 billion dollars in annual revenue

The platform added a record 37 million paid memberships during the year due to the coronavirus pandemic.
Netflix-TV-remote-control-by-Pixabay
Photo: Pixabay.

The streaming platform Netflix on Tuesday announced its quarterly earnings for 2020, noting that it added a record 37 million paid memberships during a year when many people were at home watching online streaming services due to the coronavirus pandemic.

During the fourth quarter alone, the company added 8.5 million new paid subscribers globally.

"For the full year, we added a record 37m paid memberships, achieved $25 billion in annual revenue (+24% year over year) and grew operating profit 76% to $4.6 billion," the company wrote in a letter to shareholders.

Netflix announced that it expects to break even on cash flow this year, meaning that it will make enough money to run and reinvest in the business, and that it expects to be free cash flow positive after 2021.

The company plans to release one new film every week throughout 2021.

Comments