According to latest publications , online movies giant Netflix (NASDAQ:NFLX) stock jumped on Monday following the firm announcement that it now had about 104 million subscribers, a larger-than-predicted number that increased revenues.
During the announcement company leaders said the boost was a sign that investment in latest shows and movies was paying off as online television gets more admiration.
The company is running shows like 13 Reasons Why, about teen suicide, and political drama House of Cards.
Netflix (NASDAQ:NFLX) CEO Reed Hastings said in a separate statement that it was “the rewards of doing great content”.
Company’s stock surged more than 8% in after-hours trading after the pronouncement of its second-quarter earnings.
In the meantime Netflix leaders said new content creation was vital to rival other online giants such as Amazon and YouTube, as well as traditional television. They also said creating new content also meant streaming services were escalating the size of the overall market.
“The largely exclusive nature of each service’s content means that we are not direct substitutes for each other, but rather complements,” company leaders wrote in a letter to shareholders.
“The shift from linear TV to on-demand viewing is so big and there is so much leisure time, many internet TV services will be successful.”
The company revealed it managed to add about 5.2 million members during the quarter, mostly from overseas. worldwide members now account for about half of Netflix subscribers.
Furthermore its series 13 Reasons Why faced disapproval over its portrayal of suicide but was well-liked with teens
Moreover the company has enticed those viewers with films like Okja, a film made by one of South Korea’s top directors about a young girl’s mission to recover a giant companion from a multi-national firm.
Netflix (NFLX) said that the growth aided produce $2.8 billion in quarterly revenue, that was up more than 32% year over year.