Netflix Sees Profits Double with Popularity of Orange is the New Black

US Video streaming service Netflix has more than doubled its profits over the last year as its second quarter results saw proceeds rise to £42m.

Offering exclusive viewing to hit shows like Orange is the New Black and House of Cards have proved to be popular with its audience as it added 1.7 million customers to take its overall subscriptions to 50 million users.

"As we gain new members, we are investing to further improve our content and member experience, and to expand the global availability of our service," said chief executive Reed Hastings.

The rise in Netflix's popularity has been evident if its shares are anything to go by. In early trading, share price hit 451.95p – up by almost 1.8%. Looking at the bigger picture however, on 22 July 2013, share price for Netflix was 261.96p, signifying a rise of 70.8% in a year.

Revenue for the firm also looked impressive as it rose by almost 40% in comparison with the second quarter of 2013 when it was £490m ($836m, €619m), to hit £671m.

Netflix will look to build on its success in the coming quarters as it attempts to further tap into the European markets.

"In September, we'll be launching Netflix in Germany, France, Austria, Switzerland, Belgium, and Luxembourg," continued Hastings.

"This launch into markets with over 60 million broadband households will significantly increase our European presence and raise our current international addressable market to over 180 million broadband households."