netflix closing in on $150 billion value

Netflix/YouTube

Netflix’s subscriber boom continues as it heads toward $150 billion market value

The company addressed Cannes and 'The Cloverfield Paradox' in a letter to shareholders.

 

Audra Schroeder

Streaming

Published Apr 17, 2018   Updated May 21, 2021, 6:20 pm CDT

Netflix is on track to hit a $150 billion market cap, as its subscriber base continues to grow.

The streamer added more than 7 million subscribers in its first quarter and is expected to add about 6.2 million in the next quarter. Netflix hit its $100 billion market cap in January.

Last year, Netflix claimed it was planning to spend around $8 billion on original content in 2018, and release roughly 80 original movies. It appears to be holding to that schedule, but in a letter to shareholders, Netflix also highlighted some of its experiments, like February’s surprise release of The Cloverfield Paradox after the Super Bowl: “Through tight coordination among our original film, product, marketing, and PR teams, the event showcased how a big branded film can be marketed and delivered to consumers instantaneously across the globe without a wait for the theatrical window.”

It also addressed pulling out of Cannes, saying that the decision was more about protecting its French subscribers from a rule that any movie screened at the festival cannot be on streaming for three years: “We will continue to celebrate our films and filmmakers at other festivals around the world but unfortunately we will have to sit out Cannes for now so that our growing French membership can continue to enjoy our original films.”

Netflix now has 119 million paid subscriptions, and that number will only increase after those Comcast subscriptions started pouring in.

H/T TechCrunch 

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*First Published: Apr 17, 2018, 3:20 pm CDT