If you have been having a hard time lately getting certain movies in your Netflix queue delivered, there is good reason. The popular video streaming and rental service recently announced it had more subscribers than HBO. Helping Netflix achieve this new milestone were the 1.3 million new customers added during the third quarter of this year.
The company’s stock price is now greater than $350 per share, which is up significantly over the $52 share price reported in August of 2012.
Robust Revenue and Subscriber Growth Leading to New Initiatives
Netflix now has 31.1 million subscribers, which combined with its $1.1 billion in 3Q 2013 revenue, is helping the company add some exclusive programming content and introduce some new initiatives, like getting a Netflix app embedded in the cable boxes from a variety of providers. The list of cable companies includes Comcast and Suddenlink in the US, with the app already present on cable boxes from the UK’s Virgin Media.
Marvel Comics is reportedly working on four new TV shows in addition to a miniseries, and is hoping to sell this content to Netflix or a competing service, like Amazon or the WGN America channel. Netflix’s newly found riches should help in these negotiations, as the company positions itself against Amazon, HBO, and other video streaming companies.
Netflix Also Investing in Overseas Expansion
Netflix is also putting its revenue to work in a series of international expansion projects. In addition to the previously mentioned UK rollout with Virgin Media, the company introduced its service in The Netherlands and Latin America. Netflix currently has 9.2 million foreign subscribers.
So expect continued difficulty in getting certain blockbusters out of your Netflix queue. The company’s robust growth prospects will only mean more new subscribers and more competition for the best releases. Of course, with many of those new customers using only Netflix’s streaming option, maybe your queue won’t be slow after all?
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