It’s been 10 years since Netflix pioneered the subscription model for streaming video, and the gamble could hardly be paying off better. In the fourth quarter of 2016, Netflix beat earnings estimates with $2.8 billion in total revenue and growing numbers all around. Streaming revenue hit $2.35 billion, up 44% over the same quarter last year.
Netflix added a quarterly record-breaking 7.05 million new members in Q4, most of which were outside the U.S. It ended the year with 93.8 million subscribers and $8.3 billion in annual revenue, numbers that keep climbing despite growing competition from Amazon, Hulu, and others.
The main forces driving Netflix’s recent growth have been investment in original content like Narcos, Stranger Things, and House of Cards, as well as aggressive international expansion. The company announced availability in 130 new countries one year ago.