Netflix passes 20m subs

Netflix announced that in the last hours of 2010 it passed 20 million subs with Net Subscriber Additions of 3.08 million for Q4.

Revenue for the quarter was $596 million with operating income of $78 million and Net Income of $47 million

The company said “More subscriber growth enables us to spend more on streaming content, making the Netflix service even better in 2011.”

“In November last year we introduced our $7.99 per month pure streaming plan, and we increased the prices on our combination plans, which include streaming and unlimited DVD rentals. As you can see from our strong Q1 subscriber guidance, our pure streaming plan has a great deal of consumer appeal. More than one third of new subscribers are signing up for the pure streaming plan, and we expect that percentage to grow over time. The balance of new subscribers primarily takes our $9.99 1-DVD combination plan. Very few of our existing subscribers are downgrading to the pure streaming plan.”

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