Netflix just announced its 2016 fourth quarter earnings report, smashing expectations. The streaming giant shifted its sights away from North America to the international market, and the move paid off, with the service adding a whopping 7.05 million new customers over the past quarter.
The 7.05 million figure is up year over year, in which Netflix added 5.59 million subscribers. That number is also its largest subscriber growth over a quarter ever.
The success Netflix has enjoyed is certainly worth keeping an eye on. Offerings from Hulu and Amazon might be enticing enough to stunt Netflix’s growth on the domestic front. Internationally, however, Netflix is still raking in the subscribers.
Netflix has honed in on original content to grow its subscriber base over the past couple years. 2016 was a banner year for original content, with hits like Stranger Things, The Crown and Luke Cage that were a part of its effort to create 600 hours of original content at a reported $5 billion price tag. Late last year, it announced that its goal for 2017 is 1,000 hours of original content with a $6 billion spending cap.
Netflix continues to grow and grow
Netflix’s total subscriber base now stands at 93.8 million subscribers. And more importantly, its stock is at an all-time high of $133 per share. It is this success that leads to ambitious plans to spends billions on original content.
With original titles like Iron Fist, A Series of Unfortunate Events and the return of Stranger Things later this year, Netflix might have another record-breaking year on its hands.