Don't Count Netflix Out: The Streaming Stock Is Gearing Up to Make a Massive Move
After losing 200,000 subscribers in the first quarter of 2022, Netflix (NASDAQ: NFLX) heavily shifted its priorities. As the U.S. streaming market becomes saturated with increasing competition, the company has begun looking at opportunities for growth abroad. Here's why Netflix is right to continue expanding internationally.
After a disappointing first quarter, Netflix has turned 2022 into the year it heavily invests abroad. In April, Netflix penned a multi-film deal with Japanese studio Colorido, followed by a partnership with the Kenyan government to produce three films. Then in early May, co-CEO Reed Hastings unveiled a massive slate of Italian content alongside the opening of a new Rome office.
In March 2017, with more than 93 million subscribers worldwide and Netflix offered in more than 190 countries, Hastings predicted the company would pass the 100 million subscribers mark soon, with at least half of that number coming from abroad. In Q1 2022, Netflix reported 221.6 million global subscribers, with over 66% coming from outside the U.S. and Canada.
Source Fool.com
