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Netflix value exceeds $100bn as subs soar

House of Cards’ final season was shortened to eight episodes

Netflix subscription figures continue to outstrip expectations, with the company valued north of US$100bn for the first time, although it has taken a US$39m hit on shows cancelled because of stars’ misconduct.

The streamer said it now has more than 117 million subscribers worldwide. More than eight million – 6.4 million of them from outside the US – were added in the three months to December alone, surpassing analysts’ estimates of 6.34 million.

Revenue rose almost 33% to US$3.3bn in the fourth quarter, while profits were US$186m, three times the figure last year. Shares rose 8.3% to US$246.55 in late trading yesterday and grew further after hours, pushing the streamer’s value past US$100bn.

However, the streamer said it had taken a US$39m writedown from programming that it has decided “not to move forward with,” notably shows starring actor Kevin Spacey.

Spacey, who has been at the centre of sexual harassment allegations, had fronted Netflix’s flagship drama House of Cards, production of which has been halted.

The show’s final season was shortened to eight episodes and a biopic of Gore Vidal that was set to star Spacey has also since been cancelled.

A stand-up show from Louis CK has also been scrapped after the comedian faced sexual misconduct allegations. The third season of The Ranch has also been suspended after Danny Masterson left the show following sexual assault accusations.

The streamer said it was planning 30 original international shows this year, including the drama Unbelievable from Erin Brockovich writer Susannah Grant.

The eight-part show is being produced by CBS Television Studios and is based on An Unbelievable Story of Rape, a feature article on news site ProPublica written by T Christian Miller and Ken Armstrong.

The show is also based on the podcast Anatomy of Doubt, part of the This American Life radio strand. The show will explore the true story of a woman who was charged with lying about having been raped.

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