Netflix reported a total of 7.41 million new subscribers in the first quarter of 2018, continuing their streak of massive growth.
The surge in global subscribers represents a 50 percent spike from this time last year according to a report by Deadline. The total is almost a million more than Wall Street analysts predicted Netflix would reach by this time. Nearly 2 million of this quarter's new subscribers are in the United States.
All told, Netflix now has 125 million subscribers across the world. One year ago, that number was 117.6 million. The company's total revenue has also skyrocketed, rising 43 percent since last year, totaling $3.7 billion for the quarter.
Netflix announced that revenue was gained at “the fastest pace in the history of our streaming business, due to a 25 % increase in average paid streaming memberships and a 14% rise in ASP,” or average subscription price.
The first fiscal quarter of 2018 also saw 18 new original series on Netflix, and 11 new seasons of existing shows. In comparison, Netflix added 11 new series in the first quarter of 2017, and only three new seasons of old ones.
The company's quarterly letter to shareholders expressed absolute delight, while firmly stating the ongoing commitment to growth and groundbreaking entertainment.
“We strive to entertain and to bring joy to people across the world through amazing stories," it read. "Our 125 million members provided us with $3.6 billion in streaming revenue in Q1. Our job is to spend this money wisely to increase our members’ delight.”
Netflix executives reportedly credit the amazing quarterly performance to the carefully planned timing of spending on new content. However, they also admitted that the contention between the streaming giant and the organizers of the Cannes Film Festival hurt their profits.
“We regret our films not being able to compete at this year’s Cannes film festival,” read the letter to stockholders. “The festival adopted a new rule that means if a film is in competition at Cannes, it can not be watched on Netflix in France for the following three years. We would never want to do that to our French members."
"We will continue to celebrate our films and filmmakers at other festivals around the world but unfortunately we will have to sit out Cannes for now so that our growing French membership can continue to enjoy our original films,” the letter adds.
Just last weekend, Netflix dropped a whole host of new titles on streaming service, including original films Come Sunday and I Am Not An Easy Man, and the second season of the platform's rebooted take on The Magic School Bus.