Netflix announced that the streaming service has surpassed 200 million subscribers, according to fourth quarter results released Tuesday.
The company added 8.5 million subscribers between October and December 2020 and totaled around 204 million subscribers globally at the end of the year. Amid COVID-19 home orders, many Americans have flocked to streaming services for entertainment.
“We are extremely grateful that in these particularly difficult times we have been able to provide our members around the world with a source of escape, connection and joy while continuing to grow our business,” reads letter to shareholders.
The letter also says Netflix will consider returning money to shareholders through buybacks. “For the year 2021, we currently expect free cash flow to be close to breakeven,” the letter said.
The growth comes despite the streaming service increasing the prices of its plan for new subscribers in October. Their basic plan increased from $ 1 to $ 13.99, while their premium plan increased from $ 15.99 to $ 17.99.
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Netflix’s rival Disney + is also raising prices in 2021. The streaming service said its subscription will increase to $ 7.99 per month, from $ 6.99 per month, by March 2021, and 79, $ 99 for the annual subscription, starting at $ 69.99.
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