Despite rising competition, streaming giant Netflix Inc. (NASDAQ:NFLX) generated more than $20-billion U.S. in annual revenue during 2019.
Netflix announced that it ended its fourth quarter with 167.1 million total paying subscribers, up from 139.3 million in the same period of 2018. While Netflix had to navigate streaming service launches from The Walt Disney Co. (NYSE:DIS) and Apple Inc. (NASDAQ:AAPL) in the final months of 2019, Netflix managed to weather the storm by launching new seasons of hit original shows such as "The Crown."
Netflix’s quarterly results capped off a decade during which it reshaped the media landscape. The company added more than 150 million global subscribers during that 10-year stretch, prompting a slew of media rivals to enter the streaming market. Along with Apple and Disney, the growing list of Netflix alternatives includes Warner Media’s HBO Max and Comcast’s Peacock. In Canada, Bell Media operates Crave.
Netflix has also shifted from being a buyer of existing Hollywood films and TV shows to becoming a major content producer. The company recently led all studios in Oscar nominations with 24 nods, thanks to films such as "The Irishman" and "Marriage Story." Netflix’s budget for original content is expected to reach nearly $19 billion U.S. this year, compared to $6 billion U.S. for Apple TV+ and $2.5 billion U.S. for Disney Plus.
Netflix has been one of Wall Street’s best stories over the past decade. The company’s stock rose more than any other company on the S&P 500, climbing more than 4,000%, which boosted the company’s market value by $140 billion U.S.
