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(Photo by Chesnot/Getty Images

Netflix blew past investor expectations Monday, adding more subscribers and revenue than forecast and plans to spend more on content than ever before.

Why it matters: It's another reminder for Pay-TV providers and TV networks that the traditional cable bundle can't compete with the power of on-demand.

The numbers also show how much bigger Netflix's subscriber base continues to grow compared to Amazon and Hulu, it's biggest on-demand rivals.

By the numbers, per CNBC:

  • Revenue: $3.29 billion vs. $3.28 billion expected by Thomson Reuters
  • Earnings per share: 41 cents vs. 41 cents expected by Thomson Reuters
  • Total subscription additions: 8.33 million vs. 6.39 million expected by Netflix
  • Domestic subscriber additions: 1.98 million vs 1.29 million expected by StreetAccount
  • International subscriber additions: 6.36 million vs. 5.10 million estimated by StreetAccount

The company says it plans to spend up to $8 billion on content in 2018, up from roughly $7 billion in 2017.

In a twist, the company said it lost $39 million for content that was not released, which although not specified, could possibly be linked to shows and movies put on hold or cancelled due to sexual harassment scandals.

Go deeper

NRA files for bankruptcy, says it will reincorporate in Texas

Wayne LaPierre of the National Rifle Association (NRA) speaks during CPAC in 2016. Photo: Saul Loeb/AFP via Getty Images

The National Rifle Association said Friday it has filed for voluntary bankruptcy as part of a restructuring plan.

Driving the news: The gun rights group said it would reincorporate in Texas, calling New York, where it is currently registered, a "toxic political environment." Last year, New York Attorney General Letitia James filed a lawsuit to dissolve the NRA, alleging the group committed fraud by diverting roughly $64 million in charitable donations over three years to support reckless spending by its executives.

40 mins ago - Politics & Policy

Biden: "We will manage the hell out of" vaccine distribution

Joe Biden. Photo: Chip Somodevilla / Getty Images

President-elect Joe Biden promised to invoke the Defense Production Act to increase vaccine manufacturing, as he outlined a five-point plan to administer 100 million COVID-19 vaccinations in the first months of his presidency.

Why it matters: With the Center for Disease Control and Prevention warning of a more contagious variant of the coronavirus, Biden is trying to establish how he’ll approach the pandemic differently than President Trump.

A new Washington

Photo: Stefani Reynolds/Getty Image

D.C. Mayor Muriel Bowser said Friday that the city should expect a "new normal" for security — even after President-elect Biden's inauguration.

The state of play: Inaugurations are usually a point of celebration in D.C., but over 20,000 troops are now patrolling Washington streets in an unprecedented preparation for Biden's swearing-in on Jan. 20.