Netflix Intends To Cross 70 Million Paid Subscribers Mark

Netflix aims to serve more than 70,000,000 users to increase its user-base.

The American internet media streaming service provider, Netflix, has shared its plans. It is gambling to pass the 70,000,000 paid user mark by later this year as it intends to explore markets next year for earning more cash to sponsor its international and content growth.

In the year’s third quarter, the company informed that it had succeeded in increasing its paid users to 66,000,000 users and estimates to reach the figure 70.4 million by the end of 2015. Nevertheless, the streaming organization failed to live up to its local growth expectations.

Netflix news exclaimed that the streaming giant was unable to meet the expert’s expectations for local user growth with 880,000 paid subscribers added in the quarter, experts had anticipated 120,0000 to 432,00000. It forecasts to increase American paying users by 1,600,000 in 2015’s final quarter to 44,800,000.

CEO Reed Hastings told shareholders, "Our over-forecast in the US for Q3 was due to slightly higher-than-expected involuntary churn (inability to collect), which we believe was driven in part by the ongoing transition to chip-based credit and debit cards. In terms of US net additions, through the first nine months of 2015, we are slightly ahead of prior year, and we expect to finish 2015 at about 2014 levels. This would mark the fourth consecutive year we've added about 6 million members in the U.S.”

Netflix news today revealed that the media giant was able to increase its paid global subscriber base by 2,700,000 to 26,000,000 in the year’s third quarter, beating estimates, and prediction to increase to 29,500,000 by the end of the year. The company is known for not disclosing user figures of each country in the world.

The global division of Netflix, which has made losses for long, intends to breakeven next year and earn profits after that, as Mr. Hastings stated, continuing launches in various countries, including the EU member states, Portugal, Italy, and Spain in the coming week and Singapore, Taiwan, South Korea, and Hong Kong in the initial part of next year.

Netflix Breaking news reported that the streaming service was introduced in two states in 2015 – New Zealand and Australia. It has disclosed its target at a time when it has signed a deal with the American air company, Virgin America, to offer wi-fi internet service to its users, so that they could enjoy videos while travelling through airline service. This initiative might help Netflix to achieve its objective of increasing users.