Streaming giant Netflix continues to reach new heights, thanks in large part to Netflix Originals. The service now boasts a subscriber base of over 125 million customers. The company hit this mark in the first quarter of 2018. In total, Netflix added 7.4 million new subscribers in those three months.
The vast increase in customers comes despite the company raising base prices and increased competition in a now-crowded streaming market.
Netflix now charges $10.99 per month for its basic package. This price began late 2017 and was a 10 percent raise from previous rates. Also, the competition continues to grow. Hulu, Amazon, and Crackle are just a few streaming services trying to overtake Netflix.
However, people continue to flock to what is already the United States’ most used streaming service. One primary reason is the wealth of original content Netflix offers.
Netflix Originals Continue To Draw Customers
Investors, and apparently subscribers, believe Netflix Originals, including movies and TV shows, are what sets it apart from the competition.
These programs include a variety of Marvel-based shows, comedies like “Unbreakable Kimmy Schmidt” and “BoJack Horseman,” dramas like “Bloodline” and “Ozark,” and many more.
In 2018’s first quarter, Netflix added 18 new original shows. The company also debuted 14 new films and released 11 new seasons for existing series.
According to Chief Financial Officer David Wells, Netflix will have over 700 titles available this year.
All this programming comes at a cost, however. Netflix projects spending of over $8 billion in 2018 alone. That number jumps up from $6 billion in 2017. The service is also committing nearly $18 billion for the rights to other content.
Still, for investors, the user growth is outweighing the expenses. With the company’s growth, stocks rose 6 percent on Monday, April 16. In a year where tech stocks have struggled so far, Netflix continues to soar higher.
Netflix continues to outperform growth models and expand worldwide. Roughly 5.5 million of the new subscribers from January-March 2018 were from outside the United States.
The company is picking up speed in the international market, though, and that could be the key to offsetting Netflix’s budget.