The streaming giant Netflix has surpassed another major milestone: 203.6 million subscribers around the world.

Netflix added a total of 8.5 million paid net subscribers in Q4, bringing in a record-breaking 37 million paid memberships in 2020. Netflix “achieved $25 billion in annual revenue,” according to the earnings report. Still, Netflix is warning that “we expect paid net adds of 6 million” in Q1 2021 compared to last year’s “15.8 million, which included the impact from the initial COVID-19 lockdowns.”

Most importantly, however, Netflix executives are telling shareholders that “we no longer have a need to raise external financing for our day-to-day operations.” Or, more simply put, Netflix no longer needs to borrow substantial amounts of cash.

“Our strategy is simple: if we can continue to improve Netflix every day to better delight our members, we can be their first choice for streaming entertainment,” Netflix’s letter to shareholders reads.

Netflix is entering a new year with more high-power competition than ever before and even more uncertainties about what the pandemic will bring. Netflix will likely continue to sit atop the streaming throne, but it’s not going to ever be as easy as it was before.

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