LOS ANGELES (CelebrityAccess) — Video streaming titan Netflix beat its own projections for Q1 after the company posted $3.7 billion in revenue for the quarter and a net profit of $290 million.
As well, the company reported strong subscriber growth for the period, adding a total of 7.4 million net new customers for the first fiscal quarter.
According to Netflix, 1.96 million of those new customers came from the U.S., with the lion’s share of 5.46 added from international markets. The new subscriber numbers handily beat the company’s own projection of 6.35 million new viewers for the quarter. Netflix currently boasts about 125 million subscribers worldwide.
The new subscriber figures are good news for the company, which has been burning cash at an astonishing rate as it ramps up new content offerings. The company said it expects to spend as much as $8bn in 2018 on generating the new content that keeps users coming back to the service. Netflix focus on content comes as they square off to compete with rivals such as Hulu and Amazon, as well as new streaming platforms from companies that have traditionally focused primarily on content creation, such as Disney.
“We’re investing in more marketing of new original titles to create more density of viewing and conversation around each title,” Netflix said in a statement.
New scripted content that debuted on Netflix in Q1 included the zombie comedy “Santa Clarita Diet,” and sci-fi thriller “Altered Carbon” as well as returning seasons of “Marvel’s Jessica Jones,” “Grace and Frankie,” and “A Series of Unfortunate Events.”
Netflix also recently announced a deal with one of the traditional television service rivals Comcast, who last week disclosed that they will begin bundling Netflix subscriptions with some of its cable television bundles. As well, Comcast’s X1 platform includes built-in Netflix apps, allowing users to access the streaming service directly through their Comcast DVR. Netflix has similar packaging deals with T-Mobile, Sky, and Altice.