|By Kramer Phillips | 3 years ago|
Netflix is set to surpass 100 million global subscribers.
The massive subscriber growth is a testament to how much the video streaming service has changed the entertainment landscape since its debut ten years ago.
Netflix will reach the milestone this weekend if its projections are accurate.
The company made the prediction Monday, with the release of its first-quarter earnings.
The company gained approximately 5 million subscribers during the first three months of the year and expects to end March with 98.7 million customers in roughly 190 countries.
“What did it for Netflix was the explosion of phones and tablets that allowed people to watch video everywhere,” said Wedbush Securities analyst Michael Pachter.
Pachter added that Netflix clearly had a vision before those devices became commonplace.
Approximately 51 million of the film company’s subscribers are in the United States.
By the end of this year, Piper Jaffray analyst Michael Olson says that he expects the majority of Netflix’s subscribers to be overseas.
By the end of March, Netflix had nearly 48 million subscribers outside the United States.
The company’s CEO Reed Hastings expects the next 100 million subscribers to sign up more quickly than the Pioneer 100 million.
Reed, however, did not provide a specific timeline during an online video review of the company’s first quarter results.
“Everybody watches TV, and nearly everybody has the internet,” Hastings added, saying that he does not see anything that could stop Netflix from reaching to most people in the U.S and hopefully most people around the world.
Progress towards that ambitious milestone has helped drive Netflix’s stock price steadily higher over the past five years.
In that time, Netflix has gained more than 72 million more subscribers.
Based in Los Gatos, California, Netflix currently has a market value of approximately $63 billion.