Unbundling countries, not just cable More than half of Netflix’s base and most of the user growth is now outside the USA Netflix subscribers (m) APAC 175 LATAM EMEA 150 North America 125 100 75 50 25 0 Mar 17 Jun 17 Sep 17 Dec 17 Mar 18 Jun 18 Sep 18 Dec 18 Mar 19 Jun 19 Sep 19 Source: Netflix Benedict Evans –– January 2020 47