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Surge in subscribers boosts Netflix’s revenue

Surge in subscribers boosts Netflix’s revenue
Highlights

California-based internet entertainment company Netflix has said that its number of subscribers increased by 5.2 million in the second quarter of 2017, beyond expectations and generating more benefits.

California-based internet entertainment company Netflix has said that its number of subscribers increased by 5.2 million in the second quarter of 2017, beyond expectations and generating more benefits.

All these customers boosted Netflix's revenue to a new high. Netflix made $2.785 billion in revenue in the second quarter of 2017, it said. And it had a tidy profit, reporting $66 million in net income, up about 50 per cent from the same period last year.

These numbers helped Neflix's stock promptly jump by over 10 per cent on Monday. However, in its letter to investors, Netflix additionally highlighted the broad range of content it is now serving up.

"We premiered 14 new seasons of global Netflix original series, 13 original comedy specials, six original documentaries, two original documentary series, nine original feature films and seven seasons of original series for kids," the company said.

Netflix's series won 91 nominations in 2017 Emmy Award, including "Master of None", "Unbreakable Kimmy Schmidt" and "Stranger Things". "We believe internet TV can similarly reinvigorate the film business. This year we will release 40 features that range from big budget popcorn films to grassroots independent cinemas," Netflix said.

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