Streaming giant, Netflix announced Tuesday it had added 8.5 million subscribers in 2020’s fourth quarter, which pushed it past the 200 million subscriber mark for the first time since its inception.
According to CNN, Netflix earned $542.2 million in profits between October and December of last year, and racked in $6.64 billion in revenue.
The company also confirmed it had attracted 37 million paid subscribers in 2020, marking a 31 percent jump from the prior year and “achieved $25 billion in annual revenue.”
Netflix reported a positive cash flow of $1.9 billion in 2020, a major achievement for a company that posted a negative cash flow of $3.3 billion in the previous year.
A big factor for the increase was the COVID-19 pandemic, which forced studios to halt production, and the spending that came with it, throughout most of the year.