American online streaming service, Netflix has reported an increase in the number of subscribers totaling 203.6 million subscribers, making a profit of $2,761.4 million in 2020 showing about 47.9 percent increase when compared to 2019. However, the company recorded a loss of 7.6 percent ($542.15 million) in the last quarter, a decrease of 31 percent when compared to the previous quarter. Rival streaming companies, Hulu and Disney Plus have proved popular with Disney accumulating 90 million subscribers from its launch date and boasts to have about 260 million by 2024.
“It is super impressive what Disney has done," Netflix co-CEO Reed Hastings said.
“It gets us fired up about increasing our membership and increasing our content production,” Hastings added.
The company as a way to keep users interested keeps releasing fresh and original Netflix Movies and series, remaining relevant among its competitors.
The company also disclosed that it will no longer need to source extra cash from loaners to help finance original programmes