Netflix subscribers surge to 117 million worldwide

The streaming giant reports a huge rise in membership thanks to shows such as The Crown

Netflix (Getty, EH)

There are now more than 117 million Netflix subscribers worldwide, the streaming giant has announced.

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Netflix saw its largest membership increase in a single quarter to date at the end of 2017, with a surge of 8.3 million new subscribers in the three months to December, a rise which has been attributed to new series of shows such as The Crown.

These new subscriber figures are the first since Netflix raised its prices in October.

However, Netflix also announced that it lost $39 million for “unreleased content” that it “decided not to move forward with”.

This is likely at least partly due to abandoned projects involving Kevin Spacey, who has been accused of sexual assault and misconduct. During a company-hosted earnings interview on Monday, CFO David Wells said the cost was “related to the societal reset around sexual harassment”.

Netflix cancelled its planned biopic of Gore Vidal in the wake of the allegations against Spacey. It also suspended Spacey from series six of House of Cards and is resuming production without the actor.

Other possible contributors are Netflix pulling the plug on a Louis CK’s stand-up special and the suspension of comedy The Ranch which starred Danny Masterson. Both men were embroiled in the sexual harassment scandal.

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In spite of the $39 million loss, Netflix’s revenue rose almost a third to about $3.3 billion in the fourth quarter of 2017, while profits almost tripled from the same period last year to $186 million.