Netflix added just over 7 million new subscribers during the final quarter of 2016 according to its latest results.

It finished the year with 93.8 million paying subscribers – just over 50% of those are in the US.

Netflix plans to invest $6bn in producing its own content during 2017 - that's up from a $5bn spend last year.

Its shares enjoyed a major bounce in after hours trading.

Netflix says its global revenues rose by more than 40% during 2016 to $2.4bn while operating profits came in at $154m.

"The next decade will be even more amazing and tumultuous as internet TV supplants linear TV, and as we strive to remain a leader," the company stated.

Netflix original series accounted for five of the top 10 most searched TV shows of 2016 around the world, including Stranger Things at the top spot.

It also highlights the Crown, Black Mirror, Marvel’s Luke Cage, The OA and Gilmore Girls: A Year in the Life as top performers.

The company believes that the release of House of Cards season five in the coming weeks will help the company to continue to expand during the first two quarters of 2017.

The second series of Netflix's Stranger Things is one of the most hotly-anticipated TV events of this year.

Netflix has indicated that it will invest more in non-scripted shows, its chief content officer Ted Sarandos said last year that, "Unscripted television is a very interesting business" - it is often quicker and cheaper to produce than scripted drama and comedies. He added that these titles are "more likely to travel internationally."

20 new unscripted shows are in the works and include 'Ultimate Beastmaster' - which sounds like a cross between 'Wipeout' and 'Gladiators' and lists Sylvester Stallone as a producer.

The firm - which started as an online ordering service for DVDs - has now been operating for 10 years.