Netflix subscriptions soars to 230 million

US streaming giant Netflix announced on Thursday that it had ended the year with more than 230 million global subscribers, beating analysts’ predictions.

The company credited its success to hit shows such as “Wednesday” and “Harry & Meghan”.

Netflix also announced that co-founder Reed Hastings would be stepping down as CEO, ending a 25-year tenure during which the company transitioned from a rent-by-mail DVD service to a major entertainment player.

Hastings will be succeeded by Chief Operating Officer Greg Peters and Ted Sarandos, who has been named co-CEO. Shares in Netflix rose by 7% following the release of the earnings figures.