Netflix has beaten other steaming giants and earned itself 8.5 million new paid subscribers at the end of 2020. It has surpassed 200 million subscribers for the first time, as many streaming platforms compete for viewers, with people stuck at home amid the pandemic.
Netflix soared up these subscribers during the October-December period, which marks its biggest-ever year since its inception as a DVD-by-mail service in 1997. It went from needing investments to now be able to sustain itself. Netflix Inc. says it is now capable of generating more cash than it needs, and they no longer have to rely on borrowing money to invest in its growth strategy. Its shares have gone up 12% in after-hours trading.