Netflix is now the top grossing iPhone app in the United States for the first time.
The streaming service company first decided to add an in-app subscription option back in September of 2015. When the app first became available, weekly revenues started at less than $50,000. Now, the streaming service company is earning almost $2.9 million on a weekly basis, according to CNBC.
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Revenue from the iPhone app has been increasing at an average of 19 percent per month since November of last year.
Although this is the first time Netflix has claimed the No. 1 spot in the Top Grossing chart for iPhone apps in the United States, the streaming service company has already earned the honors in India, Mexico, and Columbia.
The milestone is quite significant for Netflix in that it shows the company has been able to continue to expand its subscriber base in the United States.
A huge part of why Netflix has been able to grow its subscriber base is by offering exclusive original series such as Stranger Things, House of Cards, Orange is the New Black. In addition to these original series, Netflix has been able to tap into a nostalgic audience with revival shows like Fuller House and Gilmore Girls. According to a research firm, Netflix has been successful by offering shows and movies that are appealing to a wide range of audiences as well as niche viewers.
Earlier this week, Netflix revealed plans to add over 1,000 hours of original content in 2017. According to Chief Content Officer for the company, Ted Sarandos, that might even be “a conservative measure right now.”
In order to provide such extensive original content, Netflix is investing a massive amount into the endeavor over the next year: $6 billion.
Another feature that will likely prove to be quite lucrative for Netflix is the company is now giving subscribers the ability to download content for offline viewing. Learn more here.
“What we try to do is take very measured swings for the fences, if that’s possible,” Sarandos said.
Those “measured swings” have clearly been knocking it out of the park thus far.
Do you have the Netflix app on your iPhone?
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[H/T CNBC, Tech Crunch]
