The streaming service ended Q4 with 203.7 million subscribers, adding 37 million in 2020 alone. Eight-three percent of Netflix's new subscribers came from abroad, the company disclosed in its letter to investors.
Netflix's record-breaking growth during the pandemic also helped the company improve its overall balance sheets; net cash losses generated by operating activities were reduced from $1.5 billion in 2019 to $138 million in 2020.
The company now predicts to break even in 2021, telling investors: "We believe we no longer have a need to raise external financing for our day-to-day operations." In the past, Netflix had been criticized for raising billions of dollars in financing for its content obligations.
Netflix executives reiterated Tuesday that they view a broad range of companies and services, including TikTok and YouTube, as direct competitors. However, they also argued that the streaming wars are not a zero-sum game: "Disney+ had a massive first year (87 million paid subscribers!) and we recorded the biggest year of paid membership growth in our history."