Streaming service Netflix has said it has hit a record number of global subscribers.

Revenue at the company grew past US$4.5bn (€3.97bn) in the first quarter of this year.

It recorded its highest quarterly paid customers in its history at 9.6 million new subscribers - an increase of 16% year over year.

That figure is made up of 1.74 million customers in the US, and 7.86 million internationally.

In a statement to shareholders, the firm said: "For 20 years, we've had the same strategy: when we please our members, they watch more and we grow more".

"We're looking forward to a strong slate of global content in the second half of the year, including new seasons of some of our biggest series, 'Stranger Things' (July 4th), '13 Reasons Why', 'Orange is the New Black', 'The Crown' and 'La Casa de Papel (aka Money Heist)' as well as big films like Michael Bay's 'Six Underground' and Martin Scorsese's 'The Irishman'".

The company also said it was 'working through' a series of price increases in the US, Brazil, Mexico and parts of Europe.

It is also forecasting an acceleration in both streaming average revenue per user and total revenue growth.

But the company has taken note of increasing competition, including Disney's new streaming service.

It said: "Recently, Apple and Disney each unveiled their direct-to-consumer subscription video services.

"Both companies are world class consumer brands and we're excited to compete."

The company added that "the clear beneficiaries" will be content creators and consumers "who will reap the rewards of many companies vying to provide a great video experience for audiences."

"We don't anticipate that these new entrants will materially affect our growth because the transition from linear to on demand entertainment is so massive and because of the differing nature of our content offerings."

"We believe we'll all continue to grow as we each invest more in content and improve our service and as consumers continue to migrate away from linear viewing".