What a year 2020 was. While it was a terrible year for the majority of the world, there’s one company that flourished. While millions of us were at home, Netflix created a zen space for many of us to switch off. They provided us with plenty of entertainment to keep us occupied while we weren’t allowed to leave our four walls. With nothing better to do than turn to streaming services, Netflix had a very impressive year. A surge of subscribers headed to the platform, causing the value of shares to increase with it!
Netflix had an impressive growth spurt in 2020, with over 37 million new subscribers joining the platform last year alone. The streaming giant now has approximately 204 million paying subscribers, an amazing achievement for the company! Despite new competition heading to the market, including HBO Max and Disney+, Netflix still managed to reign supreme.
So why was Netflix so successful in 2020?
The streaming service saw 8 and a half million new subscribers join the service in the last quarter of the year. And it looks like a number of titles could be responsible for the pique in interest. Shows such as The Crown, The Queen’s Gambit and Bridgerton saw masses of people binging the new seasons in record time. Hubie Halloween also headed to the platform in October, as it was officially named the most popular film of 2020 on Netflix. Is this going to continue for the company though?
With normality attempting to resume, Netflix could see their numbers plateau in the coming months. Subscribers were also gutted to see a favorite of theirs leaving the platform. The Office has been a hit on the service for a number of years. The mockumentary was streamed more than any other piece of content last year. With The Office now moving to Peacock, could this massively impact the growing subscriber numbers the company has seen over the past year?
“Our strategy is simple: if we can continue to improve Netflix every day to better delight our members, we can be their first choice for streaming entertainment. This past year is a testament to this approach. Disney+ had a massive first year (87 million paid subscribers!) and we recorded the biggest year of paid membership growth in our history”.
Looks like Netflix will have to up their game if they want to keep us all!