Monday, April 27, 2009
Netflix Continues to Grow at Impressive Rate
As more families cut costs by staying in for the night, Netflix (NASDAQ: NFLX)is reaping the rewards. Today's financial report from the online movie rental company disclosed a 21% raise in revenue to $394 million.
Netflix expects revenue of $403 million to $409 million and a total of 10.4 million to 10.6 million subscribers by June 30...For the year, the company raised its revenue outlook to a range of $1.63 billion to $1.67 billion from its previous forecast of $1.58 billion to $1.635 billion.
You may recall my post from last October titled: Netflix Lowers Expectations for Subscriber Growth, when they revised their growth forecast buy 100,000 fewer subscribers. The revenue increases must come as welcome news to Netflix.
How is Netflix luring more subscribers?
More movies available through more outlets. Subscribers can stream thousands of movies thanks to Netflix and Starz teaming up to add thousands of movies to the watch instantly section, which was made available to XBox 360 users earlier this year. As a result, anyone with a broadband internet connection and/or XBox Live can watch an unlimited amount of streaming movies. Meanwhile, Blockbuster is playing catch-up.
By Matt O'Hern at 09:05 AM | Comments (0)