Netflix surpasses 60m subscribers

Netflix now boasts a huge 62.3 million global subscribers.

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By :  ,  Financial Analyst

The rise of internet television service Netflix seems unstoppable as the company smashes through the 60 million mark in terms of subscribers.

In its latest trading update, Netflix revealed that it added five million users in the first quarter of 2015 taking its total global subscribers to 62.3 million. It added that this figures was much better than previously predicted and culminated in a 23 per cent increase in revenue to $1.57 billion (£1.06 billion), compared with the same period a year earlier.

While net profit was down slightly at $23.7 million, the company was boosted by a 13 per cent rise in its share price during after hours trading. After the significant rise it's 0.68 per cent down at 475.46. In a statement, it confirmed that it would be seeking a share split to return money to investors in the coming months.

The statement also added: "We are excited to see internet TV catch hold across the world. We are at one of those wonderful moments when technology intersects with storytelling to create more choice and value for consumers. It’s great to be at the vanguard and we appreciate your support."

Expanding service

Netflix has been able to expand its service at an exponential rate thanks to original programmes such as House of Cards, Orange Is The New Black and Bojack Horseman. It has also been boosted by gaining exclusivity to shows such as the Breaking Bad spin-off Better Call Saul.

The popularity of its product has meant it has been able to move into previously untapped countries such as Cuba. In February, Netflix announced that it would be launching its service in the Central American country after relations between Cuba and the US continued to thaw. It represented a major landmark for the two nations who had been embroiled in a trade embargo since 1962.

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