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Netflix scores with StreamFest in India as global subscriber base crosses 200 million


Bengaluru: Netflix Inc.’s StreamFest initiative in India, which gave free weekend entry to non-subscribers in December, introduced in “tens of millions of customers” to the streaming platform, within the face of accelerating competitors from native rivals.

That pushed Netflix’s world subscriber base to greater than 200 million, as 8.5 million customers joined the platform in the course of the October-December quarter, the corporate’s quarterly outcomes declared Wednesday confirmed. For the complete 12 months, Netflix added a document 37 million paying subscribers as content material consumption surged resulting from coronavirus lockdowns.

The corporate’s working revenue grew 76% over the 12 months in the past to $4.6 billion in 2020 on the again of $25 billion in annual income, regulatory filings confirmed.

StreamFest was considered one of Netflix’s makes an attempt at ramping up its person base in India, a promote it sees as essential for future development. Whereas the corporate does not present a country-wise breakup, the Asia-Pacific area was the second largest contributor to subscriber development within the quarter ended December—accounting for 23.5% of the worldwide paid additions in the course of the quarter. Netflix has 25.5 million paying subscribers within the area, which translated to a income of $685 million—a 64% development over the earlier 12 months.

“The first studying is, there’s quite a lot of curiosity amongst customers in India to attempt Netflix,” Greg Peters, the corporate’s chief working officer and chief product officer, stated of StreamFest throughout a post-earnings convention name on Wednesday. “Now we undergo the harder a part of truly analysing how that curiosity via this particular tactic interprets into sustained incremental development.”

“Based mostly on what we see there, we’ll inform how we take into consideration how we leverage that tactic once more or how we enhance on it,” he stated.

No Extra Debt Financing


Netflix stated it is rather near being free money stream optimistic and that not wants to lift exterior financing for its day-to-day operations.

Within the letter to shareholders, Netflix stated it anticipates free money stream at break-even ranges for 2021, whereas noting that it has a money stability of $8.2 billion and an undrawn credit score facility of $750 million. “As we generate extra money, we intend to take care of $10-15 billion in gross debt and can discover returning money to shareholders via ongoing inventory buybacks, as we did up to now (2007-2011),” the corporate stated.

It is a key milestone for the streaming main because it has borrowed $15-16 billion over the previous a number of years to construct its content material library and fend off rising competitors.

“Our technique is easy: if we are able to proceed to enhance Netflix each day to higher delight our members, we might be their first alternative for streaming leisure. This previous 12 months is a testomony to this method,” the corporate stated.

Disclaimer: Instances Web’s MX Participant competes with Netflix in India’s on-line streaming area.

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