During the streaming service’s 4th quarter, Netflix added nearly 8.8 million subscribers, during a period when the company faced increased competition as new streaming entries from Disney and Apple entered the market.
The streaming giant now has 167 million global members, up 20 percent from the same period last year. That includes 420,000 new subscribers in the U.S., where Netflix has the most market saturation, and 8.3 million new subscribers abroad. The region where Netflix saw the most growth during the 4th quarter was in Europe, Middle East and Asia, where it added 3.13 million members.
Netflix expects to add 7 million subscribers during the first quarter of 2020, down from additions of 9.6 million during the first quarter of 2019. Netflix said the lower guidance reflects in part
“the continued, slightly elevated churn levels we are seeing in the U.S.” — which are largely a result of increased streaming competition.
During the fourth quarter, the company brought in $5.5 billion in revenue and had earnings of $1.30 per share.
