Netflix is continuing its journey of global streaming domination, announcing another great set of financial results.
Its results for Q1 2018 contained many “record-to-date” performances.
This included its global streaming subscriber base reaching 125 million members – net add of 7.41 million – which brought in $3.6 billion in revenue in the quarter.
1.96 million new US members were added, while international membership was up by 5.46 million.
Netflix’s DVD business is still kicking, and when added to its streaming business, total revenue for the company for the period was $3.7 billion.
This was a growth of 43% year-over-year – the “fastest pace in the history of our streaming business”.
Other highlights in its results were:
- Total operating income – $447 million
- US memberships – 56.7 million
- International membership – 68.2 million
The contributing profit from international and US operations shows a larger difference than their subscriber numbers, with contributing profit from US streaming $697 million, while contributing profit from international streaming was $272 million.
A cornerstone of Netflix’s growth is its content, which the company said it will spend up to $8 billion on in 2018.
This covers a variety of formats, including series, films, unscripted, documentaries, comedy specials, and non-English language pieces.
“Q1 scripted original series debuts included The End of the F***ing World and sci-fi thriller Altered Carbon, as well as returning seasons of Marvel’s Jessica Jones, Grace and Frankie, Santa Clarita Diet, and A Series of Unfortunate Events,” said Netflix.
It added that its expansion of original programming to unscripted shows is now comparable to similarly-focused US cable networks.
“Shows like Queer Eye and Nailed It are great examples of our ambitions in this area – engaging, buzz-worthy shows that drive lots of enjoyment.”
Netflix’s content drive also included big movies like Annihilation, starring Natalie Portman.
“Just weeks after its US theatrical debut… it has enjoyed large audiences in nearly every country for us.”
“We also released a broad range of original films – from Benji for kids and families, to the Seth Rogen-produced comedy Game Over, Man,” it said.
As it grows in international markets, Netflix is continuing with its formula of producing local shows for countries which appeal to international audiences.
Another notable area of content growth is in the Anime genre, with hits like Devilman Crybaby and other original shows trending among users.
Not going to Cannes
It was not all sunshine for Netflix in recent months, however, with an announcement by the prestigious Cannes film festival that the company’s movies cannot compete at the event.
“The festival adopted a new rule that means if a film is in competition at Cannes, it cannot be watched on Netflix in France for the following three years,” said Netflix.
“We would never want to do that to our French members. We will continue to celebrate our films and filmmakers at other festivals around the world.”
It stated that it will sit out Cannes for the sake of its French members.