Shares in the video streaming company Netflix based jumped more than percent after it posted a record one hundred and four million subscribers.
For the first time, slightly more than half of its subscribers now come from outside the US, in line with Netflix’s attempt to establish itself as a global video streaming service.
But it lost thirteen million dollars in non-US markets in the last quarter. The Silicon Valley based entertainment giant has only one serious rival, Amazon.
Netflix success is just one side of the coin – the other is $13bn of cash burn https://t.co/MebVyp1IKL— IBTimes UK (@IBTimesUK) July 18, 2017
The company has cut shows that weren’t attracting sufficient numbers of viewers, but says it will release 40 feature productions this year ranging from “big-budget popcorn films to grassroots independent cinema.”
In the past quarter it added five point two million subscribers and in the next quarter it estimates it will add another three point six five million.
Netflix says there are big opportunities for growth in Asian markets but admits it has a lot to learn.