Netflix Now Has More Subscribers Than Any Cable Company
Yesterday’s first-quarter earnings report from Netflix showed strong growth and revenue: The video rental-by-mail and (increasingly) streaming video company’s subscriber base is 70% larger than it was at this time last year, and it achieved revenues of $719 million.
While the company’s earnings per share were somewhat lower than some investors had expected, leading some to dump the stock in late trading, it’s worth pointing out one fact that underscores just how much has changed in a few short years and how disruptive Netflix has been to that end: With 23.6 million subscribers in the United States and Canada, Netflix has more subscribers than the largest cable TV service in the US: Comcast has 22.8 million subscribers.
On the earnings call, Netflix reaffirmed its commitment to produce more original content like the Kevin Spacey-starring series House of Cards, to appear exclusively on Netflix beginning in late 2012.
(via CNN Money)