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Netflix Firing on All Cylinders
Thursday, July 24th, 2008 at 4:00 PM - by John Martellaro
Netflix announced increased increased Q2 profits, 168,000 new subscribers and an 11 percent rise in revenue to US$337.6M, according to the AP in Friday. The company now has 8.4 million subscribers and expects to have over 9 million by the end of the year.
Netflix CEO Reed Hastings said the company would have had more subscribers, but traded subscriber growth for increased profits to satisfy Wall Street.
Even with a weak economy, Netflix said it was more successful this year in attracting new customers than in 2007. "We appear to be substantially unaffected by the negative economic climate," Mr. Hastings said.
In addition, Mr. Hastings didnt believe that Blockbuster, distracted by its short term infatuation with Circuit City, but now turning its attention to online services, would be able to derail Netflix.
Netflix is offering streaming movies on PCs, to the Roku box and, in the fall, to the Microsoft Xbox 360. According to the AP, unconfirmed reports place the $100 Roku box sales at 100,000. Access to the Xbox could increase the online presence of Netflix dramatically.
Netflix is still working on a new pricing model for customers who rent Blu-ray discs.
Apple recently reported that they sell or rent 50,000 movies per day. Thats likely in the neighborhood of US$100M to $200M per year revenue, still substantially behind Netflixs estimated US$1.3B annual revenue.
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