Netflix Reports Profits Doubled Last Year Despite Angry Users Threatening To Cancel Memberships
Netflix reports doubled profits for 2018 despite several users threatening to cancel their memberships.
Netflix released their earnings report for 2018 today. The findings are pretty surprising considering the recent backlash against the streaming company. For 2018, Netflix reports that profits doubled, despite many angry users threatening to cancel their memberships with the streaming service this past year.
In their earnings report, Netflix says that the company grew their annual revenue by 35% to a whopping total of $16 billion in 2018. They also said that they "nearly doubled operating profits to $1.6 billion".
Netflix claims that they had almost 139 million total paying memberships around the world by the end of 2018. The streaming company is predicting that they will continue to grow in 2019, forecasting that there will be over 148 million paying memberships by the end of this year.
The streaming service cites "high member satisfaction" as the fuelling factor for their large growth, which allowed them to gain 29 million new paying memberships in 2018; however, Netflix users seemed to be anything but satisfied for numerous reasons.
Netflix when all their customers cancel their subscription for raising the price: pic.twitter.com/27nXcIQxd8— DeWayne (@__hiipow3r__) January 15, 2019
The company has been under major public scrutiny as of late, with many users threatening to outright cancel their subscriptions to Netflix. When Netflix, many people were outraged. The price hike will officially take effect .
However, it wasn't only the price change that. Many people have been questioning compared to other streaming platforms. People were also super upset when Netflix took popular shows off their platform like and .
YO WTF NEW GIRL ISN'T ON NETFLIX ANYMORE???? WOW I AM SO PISSED IM CANCELLING THIS SHIT— Dulai (@DulaiAllDay) January 15, 2019
On top of all this, Canadians have been especially angry with Netflix due to a recent scandal. Netflix is currently under firefor their popular movie Bird Box. The company announced today that despite the controversy, .
Therefore, the news that the company is thriving financially and added millions of new memberships may come as a surprise to many. It looks like, despite all the public scrutiny and backlash, Netflix made it out of 2018 successfully. Stay tuned to find out if it survives 2019.