Meanwhile, unlike traditional entertainment providers, its pool of new content is showing no signs of drying up - thanks to its strategy of filming entire series of shows and dropping them as a whole.
Ted Sarandos, who was this week named co-CEO, recently said the 2020 slate of series and films were "largely shot". Netflix was "actually pretty deep into our 2021 slate".
But, things may not be as rosy as they seem. In after-hours trading, shares in the company plunged as much as 10pc. Investors, it seems, are getting nervous - perhaps with good reason.
In its latest results on Thursday, Netflix issued a tepid outlook. The past few quarters may have been strong, but countries were now emerging from lockdowns. "Growth is slowing as consumers get through the initial shock of Covid and social restrictions," Netflix said.
The company was now expecting to add 2.5m subscribers in the period to the end of September, compared to 6.8m the same period a year earlier.
Some were not too surprised. After all, says Sophie Lund-Yates, an analyst at Hargreaves Lansdown, "if you haven't subscribed to Netflix during lockdown, the chances are you never will".
This may be true. Netflix admits that it hasn't attracted a whole new set of completely different consumers in the period. In fact, in its earnings call, it said those joining in the past few months have been very similar to its normal viewerships. They "look very much like our pre-existing members", chief financial officer Spencer Neumann said.
The question then is whether we have already reached peak Netflix. Experts have previously suggested that there is a wall for Netflix, with countries such as the US now around ten years from peak TV penetration and peak pay TV usage. They say this could mean that those who would shift to streaming from traditional TV have already done so.
Not only that, but the pool of options for consumers shifting to online entertainment is growing.
Now, Netflix is having to compete against not only Amazon Prime Video, but also Disney+, HBO Max and Apple TV+.
Netflix is clearly still the one to beat. Last year, more than 11 million households across the UK had a Netflix account - dwarfing the number who had an Amazon Prime account (6 million) or a Now TV account (1.6 million).
Yet, its rivals appear to be gaining ground. A recent survey out from the US suggested that Disney+ was already scoring better on consumer satisfaction than Netflix. High-profile shows such as the release of stage show Hamilton on Disney+ may draw others away.
There is an "intensifying level of competition at a time when consumer budgets are becoming more stretched due to the economic impact of the coronavirus crisis," analyst Ian Whittaker says.
Still, it may be too early to throw doubt on Netflix's growth plans. After all, it has experienced difficulties before. Last year, it reported a loss of US subscribers in one quarter, for the first time in eight years, leading to speculation the site as a whole was on the decline. Clearly, that has not manifested.
What's more, what TikTok has recently shown is that there is a growing market for online content, its user numbers having swelled in the past few months. As those younger consumers come to the age where they're paying their own bills, the likelihood is they will be wanting to pay for online streaming services.
Whether this will be Netflix remains to be seen. Surveys have suggested there may not be one winner, showing that those who use streaming sites sign up to more than three on average.
Netflix, itself, seems acutely aware of this mass of future users. "The growth opportunity is as big as ever," Neumann told analysts on the call last night. "There's just the near-term pull forward."
Last night's figures may have sparked a share sell-off - but the fact remains that, in such uncertain times, Netflix may be a better bet than others.
