Streaming platform Netflix introduces Random Play feature on reaching 200 million subscriptions milestone
Netflix shared more details about its financial status and future plans during its investors call today. The streaming giant is "very close" to becoming cash-flow positive and does not need to raise external financing.
In the fourth quarter of 2020, Netflix added 8.5 million paid subscriptions, bringing its total to 200 million subscribers worldwide. This growth represents a 23% increase in memberships from the previous year.
Despite fierce competition from services like Disney+ and HBO Max, Netflix remains the king of the streaming space. The company's content strategy, boosted by the release of its international films in outside markets, has been a key factor in its success. Notable originals released in 2020, such as Tiger King, The Queen's Gambit, and Bridgerton, have been highly successful.
In the first half of this year, Netflix will introduce a tool to suggest titles based on user preferences. COO and chief product officer Greg Peters said the tool will allow users to click one button and have a title instantly play. The tool is not called "I'm feeling lucky."
Netflix also plans to continue improving its user experience and has over 500 titles in post-production or ready to hit its service. The company will release at least one original film every week in 2021.
Last year, Netflix introduced sections such as "worth the wait," "top 10," and "new and popular" to enhance the user experience. One of the most popular titles was the French heist film Lupin, which enjoyed a no. 2 spot in Netflix's U.S. top 10 list.
Netflix also announced that it plans to repay the bond at maturity out of cash on hand. The company is in a strong financial position, with expectations of continued growth in the face of competition.
This post has been updated to add additional information from Netflix's earnings call. The company reaffirmed its commitment to providing high-quality content and improving the user experience.
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