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By Damilola Faustino

Netflix Q1 2018 financial results have revealed that the streaming video service hit 125 million subscribers in its first quarter of 2018.

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Netflix’s revenue grew 43% year-over-year in Q1, the fastest pace in the history of its streaming business. This growth was thanks to a 25% increase in average paid streaming memberships and a 14% rise in the average selling price.

In the quarter, Netflix added 7.41 million subscribers, up 50% year-over-year and ahead of its 6.35 million forecast.

The company said its international subscriber base increased by 5.5 million members to 68.3 million, better than the 4.9 million additions the company predicted. In the US, Netflix added 2 million streaming customers, for a total of 56.7 million, beating its 1.5 million guidance.

This will be good news for Netflix after it was banned from participating at the Cannes Film Festival and criticisms by film producer, Steven Spielberg who said that Netflix should not win an Oscar.

Read also: Netflix Pulls All Films From Cannes Film Festival

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