Netflix programming binge pays off with subscriber surge
17 April, 2018, 20:34 | Author: Shawna Walton
The company posted its strongest subscriber growth since going public 16 years ago, despite raising prices for most of its customers over the past several months.
When questioned about Netflix's biggest future challenge, CEO Reed Hastingssaid: "We're a fraction of the hours of viewing of YouTube".
Netflix shares climbed in after-hours trading following the release of its Q1 earnings after the U.S. market closed, Monday. Over the year NFLX stock has gone up by a healthy 60 per cent. Wells Fargo & Company MN now owns 1,934,754 shares of the Internet television network's stock worth $371,396,000 after buying an additional 354,801 shares in the last quarter.
"We project 1.65M and 6.0M Domestic and worldwide net additions, respectively, for a total of 7.65M net adds (vs. 8.3M in 4Q17)". The company's average revenue per paid subscriber fell to $5.32 per month previous year, down from an average of $6.84 per month in 2015, according to an analysis by consumer research firm ValuePenguin.
It estimates that it will spend over $10bn on content and marketing over the coming year, and $1.3bn on tech.
Free cash flow was a negative United States dollars 287 million, narrowing sharply from the negative 524 million recorded in Q3 and negative 423 million the year before.
In the first three months of the year, Netflix boosted original programing by 85 percent from a year earlier to a record 483 hours, according to Cowen & Co analysts.
Yet this growth did come at a price, that of the investment made in content in a quarter which saw the debuts of scripted original series such as The End of the F***ing World and sci-fi thriller Altered Carbon as well as returning seasons of Marvel's Jessica Jones, Grace and Frankie, Santa Clarita Diet and A Series of Unfortunate Events.
Non-English programing is getting traction, " Netflix stated. "Our 125 million members provided us with $3.6 billion in streaming revenue in Q1". Bank of New York Mellon Corp boosted its holdings in shares of Netflix by 4.4% during the 4th quarter.
"Supporters are quickening even at higher valuing", BTIG examiner Richard Greenfield said. "Global profits may remain elusive due to competition for content and subs, and the price increases could cause a deceleration in subscriber growth".
In contrast, Spotify is selling consumers access to an extensive catalog of digital music that is largely the same as the libraries available at the same $10 monthly price on rival music streaming services from Apple, Google and Amazon, three larger companies with far more resources.
Netflix is the dominant player in the streaming video business, and it's accustomed to putting up big numbers. He says that titles such as Brazil's 3% have been particularly successful and the streamer is looking to add more, such as Denmark's The Rain. Netflix as of late exchanged at 93 times expected profit for the following a year, versus Amazon at 133 times income and Disney at 17 times profit, as indicated by Thomson Reuters information. "It's improving." Wall Street anticipated that Netflix would include 6.5 million new endorsers, as per FactSet information. This was up 50% compared to Q1 2017 and was ahead of the company's own 6.35 million forecast.
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